Pickupp, a Hong Kong tech startup has 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.