Dubai-based delivery company iMile founder and CEO Rita Huang, formerly of Alibaba and Huawei, today announced a $40 Million Series A financing round at a 350 million US dollar valuation, according to a statement issued by the startup.
TikTok parent ByteDance Ltd. has invested in iMile as part of the first major fundraising by the courier startup that services Chinese online vendors, Bloomberg reported.
According to Bloomberg, ByteDance committed around $10 million at a lower valuation.
It's worth noting that iMiles didn't disclose the names of investors or the amounts they have put into the company.
iMiles' series A financing round is the largest series A round by a woman in the Middle East, the statement noted.
Commenting on the successful financing round, CEO and Founder of iMile, Rita Huang said: "This is truly an exciting time for iMile as we continue to expand across the region and around the world. We have a very strong presence in the Middle East and we plan on expanding into Africa, and Latin American markets."
"Our latest funding round is a proud moment for us and we intend to further invest in our technology, whilst improving the performance and excellence of our services. The investment will also help us accelerate our growth in many more markets to come. We are one of the largest shippers from China and we have a real vision to connect Chinese sellers to the world through exceptional service." she added.
iMile was launched in September 2017 by Rita Huang and co-founders Naveen Joseph, Gao Wenli, and Nancy Chen. It is a logistics and last-mile delivery service, founded on premium state-of-the-art in-house technology.
