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Pickupp raised US$37mil in Series B, third round in last year

Thursday, December 09, 2021


(Digital News Asia) - Hong Kong founded Pickupp, an on-demand delivery has announced a US$37 million (RM156.4 million) Series B funding, led by Jardine Matheson.

In a statement, the company said existing investors, Swire Properties, PChome, Temasek-backed Reefknot, Cathay Venture Inc and DRIVE Catalyst, the corporate venture arm of Taiwan's Far Eastern Group also contributed to the funding.

This is Pickupp’s third fund raising in less than 13 months, following its initial Series A round in November 2020, and Series A+ round in July 2021, it said.

In total, the company has accumulated US$52 million (RM219.7 million) through the rounds of funding including its initial pre-Series A in December 2018, it added.

The startup said the funding will be used to deepen its presence in the Southeast Asia markets including Malaysia, as well as to strengthen regional logistics network infrastructure, especially when e-commerce and quick commerce are experiencing continued growth.

Crystal Pang, co-founder and chief executive officer at Pickupp said, “This round is a major milestone for the Malaysian market. We are seeing tremendous strategic growth across industries, as businesses in Malaysia are embracing and exploring an innovative e-commerce model.” 

 

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