Malaysia-based Teleport, the logistics arm of Capital A, has raised US$50 million in growth capital from “large institutional credit investors,” the firm said.
Photo credit: Teleport
The fresh funds will be used to expand the company’s cross-border delivery capabilities in key Southeast Asian markets, onboard additional freighters, and build hubs in Indonesia, Malaysia, and the Philippines.
The firm also looks to invest further in tech that will enable customers to send products to anywhere in Southeast Asia within 24 hours. It recently poured an undisclosed amount into Kargo Technologies, an Indonesia-based trucking marketplace, to help it achieve this goal.
Teleport was founded in 2018 and is headed by CEO Pete Chareonwongsak. The company said that it’s profitable and growing faster than in pre-Covid-19 conditions.
Within Southeast Asia, the startup has upped its market share in terms of cargo volume from 2% in 2021 to 9% in the third quarter of 2022, further growing its ecommerce business 6x year on year. Teleport is also currently serving Shopee, Lazada, and Zalora.
See also: Series SEA: Who’s investing in the region’s logistics and transportation startups?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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