The Series A round drew participation from ByteDance and some undisclosed investors. Here are the top-line bullets you need to know.
iMile, a provider of logistics and delivery services, has raised $40M in a Series A round that drew participation from ByteDance and some undisclosed investors.
HOW’S THE COMPANY PERFORMING?
- Dubai-based iMile is a logistics and delivery services provider that connects Chinese sellers to emerging markets.
- The company got its start offering last-mile delivery solutions designed to address the “no-address problem” in the Middle East.
- It has hired 100 engineers in China.
- Shein, Zain, Tila, and Sun&Sand Sports are included among its clients.
WHY DOES THE MARKET MATTER?
- The global logistics market is expected to reach a value of $13T by 2027, growing at a CAGR of 6.5%, according to Allied Market Research.
- The pandemic-induced increase in demand for fast-moving consumer goods (FMCG), medical supplies, and other consumer goods has accelerated the growth of online retail, which has driven global logistics market expansion.
- Heightened supply chain disruption amid the pandemic has led to increased investments in logistics to drive efficiencies and cut costs.