Pickupp, Logistics Tech Startup Raised US$37 Million Series B Funding, Closing its Third Fundraise in 13 Months

Dec 8, 2021 11:00 AM

Press Release

Pickupp, Logistics Tech Startup Raised US$37 Million Series B Funding, Closing its Third Fundraise in 13 Months

-The US$37 million funding will be used to deepen Pickupp’s presence in Malaysia, Hong Kong, Taiwan and Singapore. -The funding also supports and strengthens Pickupp’s network infrastructure in Malaysia amid the soaring growth of Quick commerce and e-commerce. -Series B funding led by Innovate Jardines (Jardine Matheson’s innovation fund)

Last Mile Delivery

Kuala Lumpur, 8 December 2021 --- Pickupp, the Asia tech startup redefining logistics, has raised US$37 million in Series B funding. Pickupp is a data driven supply chain platform with transparent customer-centric service and technology. This is Pickupp’s third fundraise in less than 13 months, following its initial Series A round in November 2020, and Series A+ round in July 2021. In total, the company has accumulated US$52 million through the rounds of funding. The funding will be used to deepen Pickupp’s presence in the Southeast Asia markets including Malaysia, as well as to strengthen Pickupp’s regional logistics network infrastructure so the company is better positioned to propel continued growth in Quick commerce and ecommerce. Commenting on the impact the funding will have on Pickupp’s plans in the Malaysian market, Crystal Pang, Co-founder and CEO at Pickupp, said, “This round of funding is a major milestone for the Malaysian market, and we are pleased to have such strong support from investors across the Southeast Asia region. We are seeing tremendous strategic growth across industries, as businesses in Malaysia are embracing and exploring an innovative e-commerce model.” Crystal added. Services sector remained as a key driver of growth in the country’s e-commerce income which rose to 17.1% in Q3. The Malaysian’s logistics industry contributed 3.8% to its gross domestic product (GDP) and is looking to realise untapped potential with the aim to raise GDP contribution to 6.5% by 2030. Pickupp’s reliable and flexible delivery services to retailers and shoppers in Malaysia with its tech-driven customer-centric solutions could be key to unlocking this potential. Building “Logistics Network as a Service” The funding will enable Pickupp to strengthen its network infrastructure to support the ever-changing delivery needs towards building a “logistics network as a service” model. As part of this process, Pickupp plans to expand its footings in Malaysia with nationwide coverage and a network of self pick-up and drop off points, thus providing customers with greater accessibility, flexibility and convenience. Pickupp already has had operational presence within the Klang Valley since 2018 with recent expansions with regional hubs to Penang in September and Johor in December. The company aims to expand its presence locally in Malacca and Ipoh in 2022. The company is creating an ecosystem for SME and individuals with a network of easily accessible pick up and drop-off (PUDO) points in Malaysia by utilising satellite warehouses as well as multi-city warehouse expansion and developing partnerships with Kirimman and Parcelhub. Calvin Ma, Co-COO of Pickupp said: “Today’s customers are looking for a more personalised and flexible logistics service, not only last-mile deliveries but next day deliveries with no minimum order at affordable rates where customers and small businesses can enjoy a wider range of options.” “We have taken a similar approach to warehousing, as we do to our delivery agents – we leverage existing, available resources rather than invest in developing new ones. With this nimble and efficient approach to using resources and idle capacity in the market we aim to make Pickupp the leading logistic network in Malaysia,” Calvin added. The Series B funding round was led by Innovate Jardines (Jardine Matheson’s innovation fund) alongside other existing investors including Swire Properties, PChome, Reefknot, Cathay Venture Inc., DRIVE Catalyst (the corporate venture arm of Far Eastern Group). The Series B funding is a significant step in Pickupp’s development, not only from a funding perspective which allows the Company to execute a more holistic business plan but also from a strategic perspective to be able to intimately assist and support our strategic investors’ businesses and online strategies. Lead investor Jardine Matheson recognises the potential of partnering with Pickupp. “As a diversified Asia-based group with unsurpassed experience in the region, we are delighted to be the lead investor in Pickupp’s Series B funding. Like Pickupp, Jardine Matheson shares a commitment to technology and innovation, and we see great opportunities arising from the strategic partnership.” said Anne O’Riordan, Group Director of Digital at Jardine Matheson. “We are seeing more strategic partnerships growing across the ecommerce and logistics industries. Recently, we have been supporting PChome with our last-mile delivery service, which enables them to deliver the best seamless Online-to-Offline (O2O) experience driven by technology and innovation. This round of investment once again demonstrates our customers’ faith in the capability and reliability of our last-mile delivery services, which have earned the trust of notable MNCs and digital-first businesses,” said Crystal. “With digital infrastructure advancing in the region, the possibilities for mutually beneficial partnerships such as this are growing.” Building strategic partnerships through tech integration Founded in 2016, Pickupp’s customized last-mile delivery services and trademark technology have earned a loyal customer base from notable MNCs and logistics giants toretail and e-commerce. “We pride ourselves as being an innovative logistics technology company that supports our customers not only with our technology, but with a range of platforms that help them meet the demands of ecommerce and thrive - including a range of last-mile delivery options, and the Shop On Pickupp platform,” added Crystal. In the last 13 months, Pickupp has expanded rapidly while continuously diversifying its product portfolio and offerings across all industries and verticals. Earlier this year, Pickupp extended its footprint in Malaysia, with the first regional hub in Penang and the subsequent hub in Johor; the market has also seen a user-base growth of 94%, driven by partnering with 3PLs and logistics giants. Additionally, Pickupp partnered with numerous prominent brands in the region, including PChome and Lazada. To date, Pickupp has worked with more than 23,000 active Malaysian merchants, as well as more than 26,000 delivery agents onboard across Malaysia. ### Media enquiries Kate Ng Pickupp Malaysia kate@pickupp.io Nur Hazirah Marzuki Senior Account Executive, Elliot & Co. HP: +60 17-695 1348 Email: hazirah@elliotcommunications.com