Hive Box stores $360m in series A

China Development Bank Capital has taken part in a $360m series A round for Hive Box, the operator of a self-service logistics network.

China-based logistics services provider Hive Box has received RMB2.5bn ($360m) in series A funding from investors including state-owned financial institution China Development Bank, China Money Network reported on Friday.

The bank participated through its investment arm China Development Bank Capital.

The round was led by CDH Investments, while Eastern Bell Venture Capital, Yiyao Capital and existing, unnamed shareholders also supplied funds.

Hive Box was set up in 2015 by courier services companies SF Express, STO Express, ZTO Express and Yunda Express as well as logistics facilities provider GLP. The company operates 40,000 self-service drop-off and pick-up parcel stations across 74 cities in China.

The stations are primarily located in transport hubs and reception areas of apartment buildings. Hive Box claims its stations are being used by more than 400,000 couriers.

The company will use the money to expand into additional cities across China, improve its data and information integration and develop additional features.

See more from this Government Report: People's Republic of China

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