Delivery startup Pickupp receives $37m in series B package

Hong Kong-based Pickupp, an on-demand delivery startup, has raised US$37 million in a series B funding round led by Innovate Jardines, the innovation fund of local conglomerate Jardine Matheson. Pickupp’s existing investors like Swire Properties and PChome also participated in the round.

Photo credit: Pickupp

Pickupp began last-mile delivery services in the middle of 2017. It provides point-to-point delivery options for businesses, offering a one- to two-hour express delivery service. It also provides a four-hour delivery service and another that can take between one and three days.

The firm also operates the ecommerce platform Shop On Pickupp to give businesses online and payment support.

The company will use the freshly raised funds to deepen its presence in Southeast Asian markets, including Malaysia, and to strengthen its regional logistics network infrastructure in a bid to propel its growth in the quick commerce and ecommerce segments.

See also: Dark stores light up red-hot grocery delivery market

The last-mile delivery service market in the Asia Pacific is expected to grow to US$2.3 billion by 2027, according to a Research and Markets report.

Pickupp was co-founded by Crystal Pang in December 2016.

The logistics startup has raised a total of US$52 million in three rounds of funding in the span of 13 months.

The Alibaba Entrepreneur Fund-backed startup raised US$15 million in a series A+ round in July.

Other existing investors that participated in the round:

• Reefknot
• Cathay Venture
• Drive Catalyst – the corporate venture arm of Far Eastern Group