KUALA LUMPUR, July 7 — On-demand delivery and logistics tech startup Pickupp has raised about US$15 million from regional strategic investors.
The “Series A+” round of funding was led by Taiwan e-commerce giants PChome and Cornerstone Ventures, with participation from existing investor Swire Properties as well as new investors that included Cathay Venture Inc, DRIVE Catalyst, Jardine Matheson Group and Zipx.
The company said in a media statement that the funding will help accelerate new expansion plans in Taiwan and deepen its presence in key markets like Hong Kong, Singapore and Malaysia.
“The funds will enable Pickupp to strengthen its local market position as the preferred collaborative logistics partner for Malaysia’s largest logistics players as well as local businesses,” it added.
Furthermore, it said the funding will allow Pickupp to seize and capitalise on opportunities amid the soaring growth in e-commerce.
Working with strategic partners, Pickupp will explore innovative e-commerce models, particularly in Taiwan, where there is a growing demand for cross-border e-commerce, according to the statement.
Pickupp co-founder and chief executive officer Crystal Pang said the COVID-19 pandemic has triggered a seismic shift in consumer behaviour, leading droves of retailers “to move their business online and scaling up their digital presence to meet the surging demand”.
“Over the past year, we’ve seen more retailers looking for reliable, flexible and faster delivery solutions,” she noted.
To date, Pickupp’s user base has grown by 250 per cent since the outbreak of the pandemic in March 2020, with over 100,000 delivery agents onboard across all regions.
In Malaysia, the business has seen a user base growth of 198 per cent with earning opportunities created for 25,000 independent delivery agents.
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