Own production logistics technology startup Collection announced today (December 8) that it has raised another $ 37 million in its Series B round.
This third round of funding after its initial round of the A Series in November 2020 and the A + Series in July 2021, which amounted to about US $ 20 million.
Jardine Matheson led this round of Series B, along with existing investors Reefknot Investments, Cathay Venture Inc., PChome Online Inc., DRIVE Catalyst (the corporate branch of the 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 drive the continued growth of fast e-commerce and e-commerce.
It will allow the startup to execute a more holistic business plan and, from a strategic perspective, support investor business and online strategies.
“This round of financing is an important milestone for our fast-growing business in Asia and it’s great to have such strong and ongoing support from investors across the region over the past 13 months. We are proud to be an innovative technology company. logistics that supports our customers and strategic partners with technology integration and digital strategy amid exponential growth in e-commerce, ”said Crystal Pang, co-founder and CEO of Pickupp.
“This round of investment demonstrates once again the faith of our customers in the capability and reliability of our last mile delivery services, which have earned the trust of notable multinationals and digital companies. With digital infrastructure advancing in the region, the chances of mutually beneficial partnerships like this are growing. “
Redefining the logistics landscape
Founded in 2016, Pickupp is redefining logistics with its transparent, customer-centric service and technology.
Over the past 13 months, Pickupp has expanded rapidly as it continually diversifies its product portfolio and offerings across all industries and verticals.
Pickupp will introduce 10 new satellite stores in central Singapore in mid-2022.
The expansion of these service points, which offers collection and delivery services, microcompletion and storage, as well as cross-border services, is in line with Pickupp’s goal of improving the efficiency of deliveries during peak hours and decarbonize your operations by increasing your pool of walkers and riders delivery agents.
“Fast shopping is becoming more common in Singapore, with more consumers venturing online to buy groceries and basic necessities. This trend has increased the demand for flexible and faster deliveries, raising the standard of service standards. in the delivery space of the last mile, “said Lee Chee Meng, Pickupp’s co-director of operations.
“Investing in our technology and expanding our satellite networks will continue to be a vital part of our operating strategy, as we aim to provide our customers with the most reliable and efficient delivery services.”
To date, Pickupp has worked with 24,000 traders, with more than 100,000 on-board delivery agents in Singapore, Malaysia, Hong Kong and Taiwan. The company has seen a 94% growth in its user base since 2021, driven by growing demand from the digital economy.
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Featured Image Credit: Pickupp