Hong Kong‘s 9 Unicorns (Updated 2019)
Learn who they are & how much they’re worth
Hong Kong, the 5th fastest growing startup ecosystem in the world with a startup valuation of more than US $15 billion, is making a name for itself in the global startup world. Hong Kong has 9 unicorns, which refers to a startup with a valuation of over US $1 billion. We at WHub, the largest startup community builder and power connector, have compiled an introduction of the startups (arranged alphabetically), detailing their services, which year they were founded, how much they’re worth, and their most recent news. (These news articles had been reported in WHub’s weekly news roundup, sign up to WHub’s newsletter to never fall behind.)
In fact, with all the growing and rising startups raising fundings and scaling worldwide, it’s not easy to keep track of startup facts & figures, WHub’s Startup Ecosystem Toolbox 2018 is now available to download for FREE! Download your copy here: https://whub.io/s/toolbox2018
BitMEX
About: BitMEX is a P2P crypto-coin trading platform that gives retail investors access to the global markets using crypto-coin products. BitMEX is the world’s largest Bitcoin / USD trading platform by volume and serves hundreds of thousands of demanding customers transacting billions of USD per day.
Year Founded: 2014
Valuation: US$3.6 billion in Aug 2018 (According to The Sunday Times)
Interesting News: BitMEX has rented the entire 45th floor of the Cheung Kong Center for HK$225 per square foot per month, making it the most expensive office in Hong Kong. It has taken nearly 20,000 square feet, signaling the monthly rent will be nearly US$600,000. (Read more about it here.)
GoGoVan
About: GoGoVan is the first app-based platform for transporting goods in Asia, which is dedicated to offering transportation and logistics system through innovative technology. With over 2 million app downloads and a network of over 150,000 drivers, GoGoVan has completed over 20 million orders.
In August last year, GoGoVan’s merged with 58 Suyun, the largest intra-city logistics platform in China.
Year Founded: 2013
Valuation: Just passed US $1 billion in Sept 2017 (According to TechCrunch)
Recent News: GoGoVan has secured in July US$250 million fundraising after merging with 58 Suyun, (Read more about it here) and Founder Steven Lam has recently had a feature written about GoGoVan’s “bumpy ride” & road to success. (Read more about it here)
Klook
About: Klook is one of the world’s leading travel activities and services booking platforms. Klook allows travelers to discover and book popular attractions, tours, local transportation, best foods and must-eats, and unique experiences around the world on its website and award-winning app (‘Best of 2015’ & ‘Best of 2017’ by Google Play and Apple App Store).
Year Founded: 2014
Valuation: US$1 billion+ in August 2018(According to TechCrunch)
Recent Funding: The latest addition to HK’s unicorn club, Klook Travel Technology has raised US $200 million from investors in August, and is eyeing global expansion. The startup claims its platform is on track to gross US $1 billion in bookings this year. (Read more about it here.)
Lalamove
About: Originally founded as EasyVan, Lalamove is Asia’s leading local delivery platform with a presence in more than 120 cities. In the past 5 years, more than one million customers and hundreds of thousands of professional van, motorcycle, lorry and truck drivers across the region have used Lalamove to help their business grow.
Year Founded: 2013
Valuation: Raising US $100 million in Oct, 2017, Lalamove was close to US $1Billion (according to Techcrunch)
Interesting News: During WHub’s Startup Ecosystem Toolbox Launch, Blake Larson, Managing Director of International, Lalamove was in a Fireside Chat with Karena Belin, WHub co-Founder & CEO. (Watch the Facebook live 24:00–51:25)
Sensetime
About: SenseTime, the world’s highest value AI startup, has established China’s largest and only self-developed deep learning supercomputing center, establishing itself as the largest supplier of AI algorithms in the country. SenseTime has applied for over 500 patents, 90% of which are original inventions, in approximately 10 countries and regions all over the world.
Year Founded: 2014
Valuation: US$7.5 billion in July 2017 (according to Bloomberg)
Recent Funding: SenseTime raised a Series D of US $1 billion in September 2018, (according to Crunchbase)
Interesting News: Alibaba partners with SenseTime & HKSTP to launch HKAI lab which aims to create more opportunities and innovation with a platform that brings together industry with talent. (Read more about it)
Tink Labs (Shut Down)
About: Tink Labs produces, handy, the world’s first amenity that combines an in-room guest services platform to interact with hotels and enable hassle-free travel experiences.
Year Founded: 2012
Valuation: In April 2018, it was estimated to raise US $1 billion (according to Bloomberg)
Recent News: In August 2019, Tink Labs shut down its billion-dollar startup, Handy stating operational changes
WeLab
About: WeLab, a mobile lending platform operator backed by billionaire Li Ka-shing, analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates Wolaidai, one of China’s largest mobile lending platforms, and WeLend, Hong Kong’s leading online lending platform.
Year Founded: 2013
Valuation: Speculated to be over US $1 billion in May 2018 (According to SCMP)
Recent News: In May 2018, WeLab applied for a virtual banking license from the Hong Kong Monetary Authority (HKMA) and is set to become Hong Kong’s first virtual bank. In July 2018, WeLab filed for an IPO seeking to raise US $500 million through an IPO. (Read more about it)
(Read more about it) In August, WeLab Founder & CEO Simon Loong has been awarded the World Outstanding Chinese Youth Entrepreneur Award by the World Chinese Business Investment Foundation. (Read more about it)
TNG
About: The Hong Kong TNG Wallet is an electronic wallet launched by the TNG FinTech Group offers secure and convenient e-payment and financial services. It includes a top-up and cash withdrawal service across 13 countries and territories through a network of more than 850 banks and over 183,000 cash pick-up points.
Year Founded: 2015
Valuation: undisclosed
Interesting News: TNG FinTech Group had recently teamed up with Visa, the global leader in digital payments, to launch prepaid solutions in six target markets across Asia. TNG and Visa partnership is likely to explore the explore a way to securely pay online as well as offline for the underserved as well as unbanked segments in the region.
Airwallex
About: Airwallex is a cross-border payment service provider. Founded by a group of university students, Airwallex helps banks and businesses to perform cross-border transfers at low cost and high speed relative to traditional options. In a statement, it indicated that the funds will be used for market expansion and product development “with an emphasis on delivering further value to marketplaces, online sellers, and small and medium-sized enterprises.
Year Founded: 2015
Valuation: US$1billion as of March 2019 (Read more)
Interesting News: Airwallex has been confirmed as the lastest fintech unicorn in Hong Kong with a successful Series C fundraising round of US$100million.
Interested in more content? Follow us to stay updated!
Want to learn more about the local startup scene?
WHub’s Startup Ecosystem Toolbox examines insights and trends of Hong Kong’s startup scene, best of all, it’s FREE! Download here: www.whub.io/s/toolbox2018.
