Hong Kong Startup Pickupp Raises $15 Million From Billionaires And Conglomerates For Asia Enlargement
Pickupp, a Hong Kong-based logistics startup, introduced earlier this week that it has raised about $15 million in funding since November to gasoline its Asia enlargement and develop its e-commerce platform.
New traders embody Taiwan e-commerce firm PChome, Taipei-based Cornerstone Ventures and Drive Catalyst, the company enterprise arm of Taiwan conglomerate Far Japanese Group, which is chaired by billionaire Douglas Hsu. Current investor Swire Properties, a Hong Kong-headquartered property developer, additionally participated within the funding.
Different traders embody Hong Kong-based Zipx, which is headed by James Steinberg, an honoree on this yr’s 30 Underneath 30 Asia checklist; Cathay Enterprise, the company enterprise arm of Taiwan-based Cathay Monetary, which is led by the billionaire Tsai brothers; and Hong Kong-based conglomerate Jardine Matheson Group.
Pickupp at the moment operates in Hong Kong, Taiwan, Malaysia and Singapore. In Taiwan, the startup is partnering with PChome for last-mile supply. Crystal Pang, cofounder and CEO of Pickupp, mentioned in a cellphone interview that the five-year-old startup can be open to working with traders in Hong Kong who require logistics companies.
“I feel this is able to be an excellent technique to showcase that we’re ready so as to add worth and supply versatile and extremely clear supply options for no matter enterprise sector they might be in,” says Pang.
The funding additionally permits Pickupp to capitalize on the alternatives amid the hovering development in e-commerce within the pandemic period. On-line retail gross sales within the Asia-Pacific area will develop from $1.5 trillion in 2019 to $2.5 trillion in 2024, in response to market analysis agency Forrester.
Pickupp additionally noticed demand improve for cross-border deliveries, similar to between Taiwan and Hong Kong. Earlier than the pandemic, Hong Kong customers would fly to Taiwan, which is simply an hour away, to deliver again Taiwanese items.
“Persons are additionally extra prepared to check out new web sites and new e-commerce gamers on the market, so for cross-border e-commerce, making it economical and possible to [small- and medium-sized enterprises] and people is essential,” says Pang. “This demand shouldn’t be going away any time quickly.”
Final yr, Pickupp launched Store On Pickupp, an e-commerce cell platform that permits small companies to transition on-line. Because the pandemic has accelerated the expansion of e-commerce, Pickupp goals to function in 10 markets in Asia within the subsequent three to 5 years. “I don’t suppose proper now we’ve got a really particular subsequent metropolis on the roadmap, however we do have fairly numerous companions we already work with,” says Pang. “Regardless that we don’t have an workplace there, we’re already taking volumes from these locations.”
Pickupp was cofounded in 2016 by Pang and Eric San, two Uber alums, and Paco Chan, an honoree on final yr’s 30 Underneath 30 Asia checklist, who beforehand labored at Procter & Gamble. The startup serves greater than 20,000 retailers throughout Asia with 80,000 registered brokers.
In 2019, Pickupp raised an undisclosed funding spherical led by the Alibaba Entrepreneurs Fund, with participation from Hong Kong-based enterprise capital companies Spark Ventures and Axis Capital Companions.