Homegrown logistic tech startup Pickupp announced today (December 8) that it has raised another US$37 million funding in its Series B round.
This third round of funding following its initial Series A round in November 2020 and Series A+ round in July 2021, which totalled to approximately US$20 million.
Jardine Matheson led this Series B round, joined by existing investors Reefknot Investments, Cathay Venture Inc., PChome Online Inc., DRIVE Catalyst (the corporate venture arm of Far Eastern Group), and Swire Properties.
According to the startup, the funding will be used to deepen its presence in Asia and strengthen its regional logistics network infrastructure, so that it will be better positioned to propel continued growth in quick commerce and e-commerce.
It will enable the startup to execute a more holistic business plan, and from a strategic perspective, support investors’ businesses and online strategies.
“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,” said Crystal Pang, co-founder and CEO of Pickupp.
“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. With digital infrastructure advancing in the region, the possibilities for mutually beneficial partnerships such as this are growing.”
Redefining the logistics landscape
Founded in 2016, Pickupp is redefining logistics with its transparent customer-centric service and technology.
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 Singapore, Malaysia, Hong Kong and Taiwan. The company has seen a user base growth of 94 per cent since 2021, driven by the growing demand of the digital economy.
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Featured Image Credit: Pickupp