B.C. startup UniUni secures $70M for last-mile delivery business

UniUni, a delivery startup based in Richmond, British Columbia, has secured a significant investment of US$70 million from a mix of new and existing investors to bolster its last-mile delivery services. The company’s latest funding round marks its third in less than a year, following previous investments of US$70 million in July 2024 and US$30 million in November of the same year. Notable participants in this round include Bessemer Venture Partners from California, a returning investor from last July, and Sinovation Ventures from Beijing, a new entrant in UniUni’s investment portfolio. Details of the recent funding were disclosed in a filing with the U.S. Securities and Exchange Commission and corroborated by PitchBook data reviewed by The Logic.

This recent financial boost brings UniUni’s total funding to an impressive US$202 million since its inception in 2019, with support coming from prominent names like Alibaba’s venture capital arm, among others. Joining the ranks of international investors in this round are Redpoint Ventures, Brightway Future Capital, DCM Ventures, and LFX Venture Partners from the United States, as well as Chinese entities Vision Plus Capital, Joy Capital, and Hong Kong-based MindWorks Ventures. Celtic House Venture Partners stands out as the sole Canadian contributor in this round of financing.

Established by Peter Lu and Kevin Wang in 2019, UniUni is a key player in providing last-mile delivery services for major online retail giants such as Shein, TikTok, and Temu. Operating more than 80 warehouses throughout North America, the company has quickly positioned itself as the preferred logistics partner for agile and cost-conscious online retailers. UniUni’s track record speaks volumes about its growth, having delivered over 300,000 packages and amassed $52 million in revenue in 2023 alone. With aspirations for an initial public offering (IPO) in late 2025 or early 2026, the company is strategically navigating the path to expanded growth and market reach.

CEO Peter Lu expressed the company’s gratitude for the collective vision shared with investors on enhancing UniUni’s tech-driven last-mile network to align with the future landscape of commerce. This support enables the company to scale its operations meticulously across North America, in response to escalating market demand.

However, despite UniUni’s significant achievements, the company has faced challenges along the way, particularly concerning the well-being of its delivery personnel in the quest for speedy and cost-effective package deliveries. Reports from The Information in December 2024 highlighted legal issues faced by UniUni in the U.S., including litigation claiming worker underpayment and misclassification as contractors. The same publication reported in May 2024 about instances where UniUni workers were found sleeping in a company facility in Connecticut under strenuous conditions.

In conclusion, UniUni’s recent investment milestone underscores the growing competitiveness and technological innovation within the last-mile delivery landscape. As the company navigates its expansion plans and operational challenges, it remains committed to refining its practices and contributing positively to the evolving e-commerce ecosystem.