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

Press Release

Asia logistics tech startup Pickupp raised US$37 million Series B funding, closing its third fundraise in 13 months

- 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 Hong Kong, Taiwan, Singapore and Malaysia. - The funding also supports and strengthens Pickupp’s network infrastructure in Hong Kong amid the soaring growth of quick commerce and e-commerce.
Last Mile Delivery
Hong Kong, 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 Plus 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, 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. 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 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 ecommerce 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 regional growth Founded in 2016, Pickupp is redefining logistics with its transparent customer-centric service and technology. Its customized 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. Early this year, Pickupp extended its footprint in Malaysia, with the first regional hub in Penang. In the newly operating market in Taiwan, Pickupp has established a strong local presence and solid partnership with e-commerce giant PChome. The team has also extended the service to most of the Taipei Metro Area. Additionally, Pickupp has also partnered with numerous prominent brands in the region, including PChome, Lazada and Rosewood Hong Kong. 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. Building “Logistics Network as a Service” The funding will also enable Pickupp to strengthen its logistics network to support the ever-changing delivery needs. The company is creating an ecosystem of over 500 pick-up and drop-off (PUDO) points in Hong Kong partnering with 7-Eleven and Alfred24, with extension of satellite warehouses as Pickupp Service Points. Customers can simply create an order, drop off or pick up their parcel at any of these service points, and enjoy the delivery service with real-time GPS tracking. Calvin Ma, Co-COO of Pickupp said: “Customers are increasingly looking for more personalised and flexible logistics services. In addition to our vast delivery agent network and technologies that power our last mile delivery services, we are developing a "logistics network as a service" model with strategic pick-up and drop-off (PUDO) points, micro-fulfilment and warehousing points. We leverage and connect existing available resources in this strategic logistics network, utilizing idle capacity in the market and provide more logistics services to our customers.” “With this nimble and efficient approach to using resources and idle capacity in the market we aim to make Pickupp the leading largest logistics network in Hong Kong.” Calvin added.


About Pickupp Pickupp is a data driven supply chain platform redefining logistics with its transparent customer-centric service and technology. Founded in 2016, the company has operations in Hong Kong, Singapore, Malaysia and Taiwan, providing logistics support to 24,000+ businesses spanning MNCs, logistics giants as well as retail and e-commerce. They also have a strong delivery team of over 100,000 delivery agents across all cities. Pickupp provides flexible, tech-driven logistics solutions that enable businesses of all sizes to scale and thrive. Through highly optimized batching and chaining technology, customers can optimize seasonal fulfilment and delivery needs without sacrificing speed and cost, while real-time GPS tracking provides end-to-end transparency. Pickupp’s flexible delivery windows and their handy scheduling feature enable customers to be nimble and capitalize on local and crossborder business opportunities. Pickupp launched Shop On Pickupp, a one-stop e-commerce platform offering all-rounded payment and tech-enabled delivery solutions for businesses in 2020. For more information, please visit our website at Media enquiries June Wong Archetype +852 2534 8700/ +852 6986 5822 Donna Shiu Pickupp Hong Kong