Malaysian logistics startup raises 7-digit amount from Japanese VC firm

Malaysian e-fulfillment startup iStore iSend said it received a seven-digit amount in US dollars in an investment from Kuroneko Innovation Fund, the corporate venture capital firm of delivery major Yamato Holdings.

The fresh capital will be used for iStore iSend’s hiring efforts and its investments into its proprietary system as it looks to expand overseas.

IStore iSend co-founders Tommy Yong (left) and Joe Khoo / Photo credit: iStore iSend

Incorporated in 2015, the startup provides end-to-end services for ecommerce orders, from storage and pick-and-pack services to delivery arrangements. It also provides value-added offerings, such as real-time inventory management and shipment tracking.

The company’s co-founder and CEO Joe Khoo said the new funds will help it expand into the ecommerce market of Malaysia’s neighboring countries, including Thailand and Vietnam. It’s currently present in Singapore and Indonesia, dealing with over 30 foreign fast-moving consumer goods (FMCG) brands and 300 local businesses.

“With the incorporation of iStore iSend into Kuroneko Innovation Fund’s portfolio, Yamato Holdings will proceed with the consideration to achieve provision of new value into the rapidly expanding ecommerce market in Asia,” added Yamato senior managing executive officer Shinji Makiura.

Yamato’s investment into iStore iSend comes as an extension of the startup’s series B round in January this year, where it raised US$5.5 million from Gobi Partners and EasyParcel.