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Pickupp raised US$37M Series B funding, closing its third fundraise in 13 months
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Pickupp, the Asia’s leading innovative logistics technology company incubated by Cyberport, has raised another US$37 million in Series B funding, following its initial Series A round in November 2020, and Series A Plus round in July 2021. Jardine Matheson led the Series B round, joined by existing investors including Reefknot Investments, Cathay Venture Inc., PChome Online Inc., DRIVE Catalyst and Swire Properties. The funding will be used to deepen its presence in Asia, as well as to strengthen Pickupp’s regional logistics network infrastructure.
The Series B funding is a significant step in Pickupp’s development especially for its rapidly growing business in Asia, as the company looks to build strategic partnerships through tech integration across the ecommerce and logistics industries. Recently, we have been supporting PChome with our last-mile delivery service, which enables them to deliver the best seamless O2O experience driven by technology and innovation.
To further propel regional growth, Pickupp has also partnered with numerous prominent brands in the region, including e-commerce giant PChome, Lazada and Rosewood Hong Kong. To date, Pickupp has worked with 24,000 merchants, with more than 100,000 delivery agents onboard across all regions. The company has seen a user base growth of 94% since 2021, driven by the growing demand of the digital economy.
The funding will also enable Pickupp to develop a "logistics network as a service" model with strategic pick-up and drop-off (PUDO) points, micro-fulfilment and warehousing points, providing customers more personalised and flexible logistics services.
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