Zeek, the Southeast Asia-focused logistics technology startup, announced that it has secured approximately US$10 million in Pre-Series A financing from regional strategic investors and investment funds.
The startup will utilise the current financing to further expansion in Southeast Asia markets, enhancement and refinement of logistics management technology and data analytics applications.
The latest round of financing takes Zeek’s total funding raised to around US$15 million up to date from investors that include: SF Holding (SZSE: 002352), Chinachem Group, Philippines KHO Group family, Dr. Lee Ka Kit, Chairman and Managing Director of Henderson Land in private investment, the Innovation and Technology Venture Fund Corporation of the Hong Kong SAR Government, HKSTP Ventures, Elite Time Limited, Radiant Tech Venture Fund LP, Caelus Asset Management, SQ Capital Ventures etc. SQ Capital Partners acted as the financial adviser to Zeek for this financing round.
Commenting on the development, KK Chiu, Co-Founder & CEO of Zeek said, “The pandemic has brought drastic changes in consumer behaviours. Many conventional merchants are looking to accelerate digital transformation to cope with the changes. In the first three quarters of 2020, Zeek has handled over three million delivery orders, with the growth rate of 100% YoY. Manpower resources has been increased by 50% to handle surging orders. It is estimated that by 2023, the market size for F&B and living goods sector will reach 2.6 billion, with the annual growth rate of no less than 10% and gross revenue soaring to US$100 billion. This round of financing will help our extension of intelligent logistics applications to more industries and fuel our expansion in Southeast Asia where Internet penetration and young consumers are massive and exponential growth of online consumption is underway.”
Established by Kin Shun Information Technology Limited in 2017, Zeek has been focusing on the provision of data-driven intelligent logistics technology to Southeast Asian merchants with solutions spanning across online order management, delivery capacities management, big data analytics and O2O operations enhancement for an array of industries: “Zeek F&B Delivery” for instant food delivery, “ZeekDash” for Point-to-Point O2O delivery, and “Zeek2Door” for e-Commerce Parcel delivery.
Zeek’s customers comprise global top-five F&B brands and fast-food chains, leading supermarkets and department stores, convenience store chains, online platforms, etc.
Founded in Hong Kong, Zeek has quickly expanded its business presence in Singapore, Thailand, Vietnam and Malaysia and is planning to set foot in Taiwan, the Philippines and Indonesia in 2021.
Vincent Fan, Co-founder & CSO of Zeek said, “We are transforming the traditional delivery model with technology and data analytics as core competence. In the future, Zeek will invest resources to enhance ZeekSolutions, expand clients’ application scenarios of our services and develop the applications of smart logistics data to strengthen brand stickiness as well as to build competitive barriers. We will also collaborate with strategic partners to explore innovative retail models. On the other hand, we are open to exploring M&A or investment opportunities that can accelerate business growth and synergy in the O2O ecosystem.”
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