Logistics network APX eyes Malaysia, Singapore with pre-series A round

Photo credit: APX

APX, a Thailand-based logistics network, has secured pre-series A funding from Orzon Ventures – a VC fund powered by 500 Global and PTT Oil and Retail Business – as well as iSeed SEA. The funding amount was not revealed.

The firm plans to use the fresh funds to grow its team in its home country, enter new markets, and improve its platform. It also looks to forge new strategic partnerships to onboard more users.

The company currently operates in Thailand and aims to expand its services to Malaysia and Singapore.

Funding details

• Funding amount: Undisclosed
• Lead investors: Orzon Ventures, iSeed
• Stage: Pre-series A
• Source

APX, which stands for Asia Pallet Express, was launched in 2020 by Sukanya Thamthada and Uwe Dettmann. It connects cargo shippers and truckers through its platform that offers less-than-truckload and palletized cargo services.

Sorawit Tantrakulcharoen, COO of APX, said that while the company reached out to multiple investors, Orzon was its top priority as it sees a “strong synergy” with the VC firm.

See also: Recession Run: 500 Global’s investment plan in SEA

Orzon is a growth-stage fund that gives portfolio firms access to its ecosystem of PTT oil stations across 10 countries. It also lets investees benefit from 500 Global’s network and 500 TukTuks’ local expertise.

According to Orzon’s website, 500 TukTuks is the most active investor in Thailand, with over 80 portfolio firms in the country and across Southeast Asia.

More details