Hong Kong logistics tech startup Pickupp completed Series A+ funding co-led by Taiwan E-commerce giant PChome and Cornerstone Ventures, accumulated funds reached USD$15M
Jul 5, 2021 6:00 PM
Hong Kong logistics tech startup Pickupp completed Series A+ funding co-led by Taiwan E-commerce giant PChome and Cornerstone Ventures, accumulated funds reached USD$15MHong Kong, 05 July 2021 --- Pickupp, the Hong Kong tech startup redefining logistics, today announced that it has successfully raised approximately US$15 million in Series A and Series A+ financing from regional strategic investors, after its first-round investment in November 2020. The series A+ round funding was led by Taiwan e-commerce giant PChome and Cornerstone Ventures, with participation from an existing investor, Swire Properties, and new investors including Cathay Venture Inc. and DRIVE Catalyst (the corporate venture arm of Far Eastern Group) from Taiwan and the Jardine Matheson Group and Zipx from Hong Kong. The company will accelerate new expansion in Taiwan and deepen its presences in key markets including Hong Kong, Singapore and Malaysia. Founded in 2016, Pickupp is redefining logistics with a tech and data-driven approach. 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 2020, Pickupp launched its one-stop e-commerce platform, Shop On Pickupp, enabling physical as well as small and medium-sized enterprises (SMEs) who wish to transition online to continue to scale and thrive. Planning for market expansion The funding allows Pickupp to seize and capitalise on the opportunities amid the soaring growth in e-commerce. In a new forecast by Forrester, online retail sales in Asia Pacific will grow from $1.5 trillion in 2019 to $2.5 trillion in 2024, with a compound annual growth rate (CAGR) of 11.3%. “The pandemic has triggered a seismic shift in consumer behaviour, it has led to droves of retailers moving 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.” said Crystal Pang, Co-founder and CEO of Pickupp. “We are pleased to have such strong support from new and existing investors. This round of funding will help us to fuel our expansion in Taiwan and other markets, as well as diversify our product portfolio and offerings based on the needs of each market. “We see tremendous growth opportunities in the region. Through our tech-driven solutions and services, we will be able to significantly enhance the support we provide to SMEs and help them to meet the growing demand of the digital economy.” Crystal continued. To date, Pickupp’s user base has grown by 250% since the outbreak of the pandemic in March 2020, with over 100,000 delivery agents onboard across all regions. The startup has become the last mile for MNCs and the first step for startups and SMEs. Partnering with regional strategic investors to seize growing E-commerce opportunities Based in Hong Kong and operating in Singapore, Malaysia and Taiwan, Pickupp has established strategic partnerships with global brands and merchants which have been transitioning their businesses to O2O retail. In Taiwan, local e-commerce giant PChome has selected Pickupp as the logistics and e-commerce partner to strengthen its last mile delivery solutions and further enhance their e-commerce capability. Calvin Ma, Co-COO of Pickupp said, “We will be collaborating with our strategic partners to explore innovative e-commerce models. Especially in Taiwan, where we see an increasing demand for cross-border e-commerce, with more Taiwanese products being sold to other regions in Asia. We are delighted to partner with PChome as they share our deep commitment to innovation and delivery of world class O2O services.” “As a major e-commerce operator in Taiwan, PChome strives to provide reliable services to our customers every day, and we truly believe a reliable fulfilment is a cornerstone. In our 20+ years of operating history, we have worked closely with a wide range of logistic partners to advance and innovate our services. Pickupp’s technology and solutions, in our belief, will play a significant role to reshape how last-mile delivery is achieved regionally and in Taiwan. It’s our honor to be Pickupp’s strategic partner and a lead investor in this round of funding. We look forward to the cooperation ahead.” said Kevin Tsai, PChome Online Inc. CEO & General Manager.
###About Pickupp Pickupp is an on-demand delivery 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 20,000+ 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 book a delivery anytime 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 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 https://pickupp.io/en . Media enquiries June Wong Archetype +852 2534 8700/+852 6986 5822 firstname.lastname@example.org Erica Siu Archetype +852 2534 8700 email@example.com