Pickupp completes follow up Series A funding led by PChome, Cornerstone Ventures

• Raised about US$15 mil in Series A & Series A+ rounds
• Funds to be used for new expansions, deepen presence in key markets

PICKUPP, the on-demand delivery and tech startup, announced it has raised approximately US$15 mil (RM62.3 mil) in Series A and Series A+ financing from regional investors, after its first investment round in November 2020.  

[RM1 = US$0.24]

In a statement, the startup said the series A+ round was led by Taiwan e-commerce giant, PChome and Cornerstone Ventures, with participation from existing investor, Swire Properties.

New investors, Cathay Venture Inc. and DRIVE Catalyst (the corporate venture arm of Far Eastern Group) from Taiwan and the Jardine Matheson Group and Zipx from Hong Kong also participated in this round, it added.

Funds from Pickupp’s Series A+ round will be used to accelerate new expansion in Taiwan and deepen its presence in key markets including Hong Kong, Singapore and Malaysia, the company said.

Citing figures from research firm Forrester, Pickupp online retail sales in Asia Pacific will grow from US$1.5 trillion in 2019 to US$2.5 trillion in 2024, with a compound annual growth rate (CAGR) of 11.3%. 

“We see tremendous growth opportunities in the region, and through our tech-driven solutions and services, we can enhance the support we provide to small and medium enterprises (SMEs) and help them meet the growing demands of the digital economy,” said Crystal Pang, co-founder and chief executive officer (CEO) of Pickupp. 

She said while Pickupp is pleased to have strong support from our new and existing investors, the startup is delighted to partner with PChome as it shares our deep commitment to innovation and delivery of world class O2O services.

“As a major e-commerce player in Taiwan, PChome strives to provide reliable services to our customers,” said Kevin Tsai, CEO of PChome.

“In our years of operating, we have worked closely with numerous logistic partners to advance and innovate our services. Pickupp’s technology and solutions will play a significant role to reshape how last-mile delivery is achieved regionally and in Taiwan.”

In Malaysia, Pickupp partners with leading logistics companies, e-commerce players, and SMEs to develop and optimise the local logistics ecosystem.

The fresh round of funds will allow the startup to expand coverage to more territories, grow its workforce of delivery agents, and continue investing in technology to further improve its offerings in the market, the company said.