Asia Logistics Tech Startup Pickupp Raised US$37 million Series B funding, Closing its Third Fundraise in 13 Months
Dec 8, 2021 6:00 PM
Logistics tech startup Pickupp closed its third fundraise in 13 months with US$37 million Series B funding
- Closing its third fundraising in 13 months, the funding is led by Jardine Matheson, a diversified Asian-based group with a broad portfolio of market-leading businesses.
- The US$37 million funding will be used to deepen Pickupp’s presence in Asia, including expansion of service and dispatch network in Singapore.
- The funding also supports and strengthens Pickupp’s network infrastructure in Singapore amid the soaring growth of quick commerce and e-commerce.
Singapore, 8 December 2021 --- Pickupp, the Asia tech startup redefining logistics, today announced it has raised another US$37 million in Series B funding. This third round of funding follows its initial Series A round in November 2020, and Series A+ round in July 2021.
Jardine Matheson led the Series B round. They were joined by existing investors including Reefknot Investments, Cathay Venture Inc., PChome Online Inc., DRIVE Catalyst (the corporate venture arm of Far Eastern Group), and Swire Properties.
The funding will be used to deepen its presence in Asia and to strengthen Pickupp’s regional logistics network infrastructure, ensuring that the company is better positioned to propel continued growth in quick commerce and e-commerce.
Building strategic partnerships through tech integration
The Series B funding is a significant step in Pickupp’s development; the funding will enable the company to execute a more holistic business plan, and from a strategic perspective, support investors’ businesses and online strategies. Crystal Pang, co-founder and CEO of Pickupp said: “This financing round is a major milestone for our rapidly growing business in Asia and it’s great to have such strong and continuous support from investors across the region in the past 13 months. We pride ourselves on being an innovative logistics technology company that supports our customers and strategic partners with tech integration and digital-first strategy amid exponential e-commerce growth.”
“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 significant opportunities arising from future strategic partnerships,” said Anne O’Riordan – Group Director of Digital at Jardine Matheson.
"We are seeing more strategic partnerships growing across the e-commerce and logistics industries. Recently, we have been supporting PChome with our last-mile delivery service, which enables them to deliver the best seamless 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.”
Propelling growth in Singapore and Building "Logistics Network as a Service"
Founded in 2016, Pickupp is redefining logistics with its transparent customer-centric service and technology. Its customised last-mile delivery services and trademark technology have earned a loyal customer base from notable MNCs and logistics giants to retail and e-commerce.
In the last 13 months, Pickupp has expanded rapidly while continuously diversifying its product portfolio and offerings across all industries and verticals. Pickupp will introduce 10 new satellite warehouses across heartland areas in Singapore by mid-2022. The expansion of these service points, which provides pick up and drop services, micro-fulfilment and warehousing as well as cross-border services, is aligned with Pickupp’s goal of improving the efficiency of deliveries during peak traffic hours and decarbonising its operations by increasing its walker and rider delivery agent pool.
"Quick commerce is becoming more prevalent in Singapore, with more consumers venturing online to purchase groceries and daily necessities. 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-chief operating officer of Pickupp. “Investments in our technology and the expansion of our satellite networks will remain a vital 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 more than 100,000 delivery agents onboard across all regions. The company has seen a user base growth of 94% since 2021, driven by the growing demand of the digital economy.