Local logistics technology startup Pickupp announced today (December 8) that it has raised another US $ 37 million funding in its Series B cycle.
This third round of funding follows its initial round of Series A in November 2020 and Series A + in July 2021, which totaled approximately US $ 20 million.
Jardine Matheson led this Series B round, joined by existing investors Reefknot Investments, Cathay Venture Inc., PChome Online Inc., DRIVE Catalyst (the venture capital arm of Far Eastern Group) and Swire Properties.
According to the startup, the funding will be used to deepen its presence in Asia and strengthen its regional logistics network infrastructure, so that it is better positioned to propel the continued growth of rapid commerce and e-commerce.
This will allow the startup to execute a more holistic business plan and, from a strategic point of view, support the businesses and online strategies of investors.
“This funding round is a major milestone for our rapidly growing business in Asia and it is great to have such strong and continued support from investors across the region over the past 13 months. We are proud to be an innovative logistics technology company that supports our customers and strategic partners with technology integration and digital strategy amid the exponential growth of e-commerce, ”said Crystal Pang, Co-Founder and CEO of Pickupp.
“This investment cycle once again demonstrates our customers’ confidence in the capacity and reliability of our last mile delivery services, which have earned the trust of notable multinationals and digitally driven companies. With the advancement of digital infrastructure in the region, the possibilities for mutually beneficial partnerships like this are increasing. “
Redefining the logistics landscape
Founded in 2016, Pickupp is redefining logistics with transparent, customer-centric service and technology.
Over the past 13 months, Pickupp has grown rapidly while continuously diversifying its product portfolio and offerings across all industries and verticals.
Pickupp will introduce 10 new satellite warehouses in central areas of Singapore by mid-2022.
The expansion of these service points – which provide pickup and drop-off, micro-fulfillment and warehousing as well as cross-border services – is in line with Pickupp’s goal of improving the efficiency of deliveries during peak hours and decarbonize its operations by increasing its pool of delivery agents to walkers and riders.
“Fast-paced commerce is becoming more prevalent in Singapore, with more and more consumers venturing online to purchase groceries and essentials. This trend has increased the demand for flexible and faster deliveries, raising the bar for service standards in the last mile delivery space, ”said Lee Chee Meng, Co-COO of Pickupp.
“Investments in our technology and the expansion of our satellite networks will remain a critical part of our operational strategy as we aim to provide our customers with the most reliable and efficient delivery services. “
To date, Pickupp has worked with 24,000 merchants, with over 100,000 delivery agents on board in Singapore, Malaysia, Hong Kong and Taiwan. The company has experienced a 94% user base growth since 2021, driven by growing demand from the digital economy.
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Featured Image Credit: Pickupp
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