Hong Kong-based logistics startup nets $10m in pre-series A round

Zeek, a Southeast Asia-focused logistics startup, announced that it has secured US$10 million in a pre-series A financing round from regional strategic investors and investment funds.

To date, the company has raised a total of US$15 million in funding rounds from investors including SF Holding, Chinachem Group, Philippines KHO Group family, SQ Capital Ventures, and Radiant Tech Venture Fund LP, among others.

(From left) Zeek Co-founders: Chief technology officer Cliff Tse, CEO KK Chiu, and chief strategy officer Vincent Fan / Photo credit: Zeek

Founded in 2017 by logistics firm Kin Shun Information Technology, Zeek provides one-stop online-to-offline (O2O) last-mile delivery solutions for food and beverage, lifestyle, and fast-moving consumer goods merchants in Southeast Asia.

Its services include instant food delivery, point-to-point O2O delivery, and ecommerce parcel delivery.

The new funding will be used for further expansion in Southeast Asian markets, the enhancement and refinement of logistics management technology, and data analytics applications.

Launched in Hong Kong, the firm has expanded its business presence in Singapore, Thailand, Vietnam, and Malaysia and is planning to set foot in Taiwan, the Philippines, and Indonesia in 2021.

In the first three quarters of 2020, Zeek CEO and co-founder KK Chiu claims that his company has handled over 3 million delivery orders, growing by 100% year over year. This financing round will aid its expansion to more industries.

Zeek also claims that its revenue has exceeded US$28 million in 2020 and is estimated to grow by at least 100% next year.

“In the future, Zeek will invest resources to enhance ZeekSolutions, expand clients’ application scenarios of our services, and develop the applications of smart logistics data to strengthen brand stickiness as well as to build competitive barriers. We will also collaborate with strategic partners to explore innovative retail models,” said Vincent Fan, co-founder and chief strategy officer at Zeek.

Fan added that the firm is exploring merger and acquisition or investment opportunities to accelerate business growth and synergy in the O2O ecosystem.