Image source: FedEx

1. Revenue Soars Nearly 130x in Three Years

With its fleet of white vans and a network of delivery warehouses, last-mile delivery startup UniUni Inc. (officially UniExpress Inc.) resembles established competitors like FedEx, UPS, and Canada Post in many ways.

Headquartered in Richmond, British Columbia, near Vancouver International Airport, UniUni delivers everything from C$5 dresses and iPhone cases to bulk cleaning supplies and health supplements across North America. The company claims to handle hundreds of millions of packages annually for e-commerce giants like SHEIN, TEMU, and Amazon, while also serving small and mid-sized independent retailers.

Though it may look like any other courier service, UniUni credits its success to a unique model: a network of on-demand drivers, tech-driven warehouses with sorting robots, and an algorithmically optimized delivery platform—critical advantages in an increasingly competitive market. According to IBISWorld, there were 31,274 competitors in the courier sector in 2024.

Consumers seem convinced. In 2024, UniUni achieved nearly 13,000% revenue growth over three years, with a 46% year-over-year increase in employees, ranking it among Canada’s fastest-growing companies.

Investors are taking notice. Over six years, UniUni has raised $202 million, including a recent $70 million funding round. The company declined to disclose its current valuation.

However, its rapid rise has also drawn scrutiny over labor practices, which could hinder its quest to become Canada’s next unicorn (a startup valued at over $1 billion). If successful, UniUni would stand out in Canada’s challenging startup landscape.

Image source: FedEx

2. Pivot from Food Delivery to Parcel Logistics

Founded in 2019 by British Columbia entrepreneurs Peter Lu and Kevin Wang, UniUni initially operated as a food delivery platform during the peak competition between DoorDash and Uber Eats.

That same year, a chance encounter changed everything: A SHEIN executive spotted a UniUni van in Vancouver, leading to UniUni’s first major contract delivering for the fast-fashion giant. Lu and Wang pivoted entirely to parcel delivery, riding the wave of pandemic-driven e-commerce growth.

While serendipity sparked its ascent, UniUni’s sustained growth stems from investor confidence, tech-driven efficiency, and aggressive expansion.

The company claims the capacity to process millions of weekly packages across North America, employing 825 full-time staff and over 50,000 drivers. It serves 500 cities from 100 warehouses, charging "half the price of DHL" while matching its speed, as co-founder Lu stated in March.

UniUni’s AI-powered platform optimizes driver routes and sorting for millions of orders. Partnerships like the April 2024 deal with London-based GLP (Global Robotics Services) further automate navigation and sorting, reducing labor costs—a key advantage for high-volume shipments.

Its low-cost model has eroded Canada Post’s e-commerce market share. With traditional mail declining, a government audit warned the postal service is "functionally insolvent or bankrupt."

3. Unconventional Ambition in Canada’s Startup Scene

UniUni’s boldness sets it apart in Canada’s risk-averse ecosystem.

"They scaled rapidly and raised capital aggressively—year after year," noted Charles Plant, co-CEO of ExactBlue Technologies Inc.

International investors (five of its seven major backers are overseas) fuel its growth. Research shows Canadian firms with global funding outperform domestically backed peers.

UniUni now reaches 80% of Canada’s and 60% of the U.S. population, with hubs in Los Angeles, New York, and Dallas. Plans include 100 new North American jobs within a year.

"They’re replicating their model in new markets—exactly what late-stage investors want," said UBC entrepreneurship professor Darrell Kopke.

4. Growing Pains: Labor Disputes and Scaling Challenges

Yet its Silicon Valley-style "efficiency-first" approach has sparked labor controversies.

Lu touts cost savings from its gig-driver network, which flexes with demand (e.g., hiring more drivers during holidays). But UniUni faces a California lawsuit alleging wage theft, unpaid overtime, and poor record-keeping—common "growing pains," per experts.

"Every high-growth company faces complaints. Uber survived scandals to dominate ride-hailing," Kopke remarked. Plant added: "Rapid growth inevitably brings chaos."

Lu defends the model, emphasizing driver flexibility and faster deliveries. However, Dentons lawyer Eleni Kassaris notes: "Gig platforms rarely offer true autonomy or high earnings for minimal work."

5. Investor Confidence and IPO Ambitions

Despite controversies, financial performance keeps backers bullish.

"Investors aren’t monolithic. Strong numbers will attract funding—even an IPO," said Kopke.

Northern Guidance CEO Iain Klugman praised UniUni’s "go big" strategy: "Market size and growth rate drive valuation. They’re nailing it."

Per a 2023 Logic report, UniUni aims for a 2025/26 Nasdaq/NYSE IPO, possibly with a Toronto dual listing. Lu previously targeted unicorn status and profitability in Canada by 2025, though the company now avoids public financial updates.

Plant is skeptical: "Profitability + hypergrowth + unicorn ambition? Extremely tough."

Still, UniUni’s success would benefit Canada’s ecosystem. "It’s attracting global attention, like BlackBerry did for Waterloo," Plant said. Lu added that while Canada nurtured UniUni, international capital was essential for scaling—a gap now narrowing as local VCs grow bolder.

To sustain momentum, UniUni must balance expansion, investor expectations, and labor safeguards—a high-stakes tightrope walk.

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Public Account: Cross-border E-commerce Logistics OmniSage