Boxful has $140m in the bag

Business | Janice Huang 6 Dec 2017

Mini-storage service provider Boxful has closed its second round of fundraising which has attracted investors that include Shimao Property Holdings (0813), Shui On Land (0272), and Nan Fung Group.

Through the funding, Boxful has raised more than HK$140 million, and will use most of the capital to expand its business to the mainland and other markets in Asia.

Founded in 2015, the storage start-up has two logistics centers in Hong Kong and Taipei, operating more than 30 storage facilities.

Co-founder Norman Cheung said the company plans to enter the Shenzhen market in the first quarter next year, adding that the prices of mini-storages in the mainland will be cheaper than that in Hong Kong as the operating cost will be lower.

He said Boxful will have cooperation with several investors, and the details are expected to be announced later.

The company has raised HK$51.1 million from a Series A funding round in 2015 which lured investors such as Great Eagle Holdings (0041).

Separately, New Sports Group (0299) announced it had a share allotment with Tengyue, at 55 HK cents apiece, a 16.67 percent discount over the closing price of 66 HK cents, as quoted on the stock exchange on the date of the subscription agreement.

New Sports will get net proceeds of HK$187 million through the transaction. Tengyue will be one of the major shareholders of the company.

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