Southeast Asia Logistics Pioneer Zeek Raises US$10 Million Funding Despite Market Adversity
Posted Dec 21, 2020 09:19 (GMT +7)
Transformation of Delivery Ecosystem is Underway
HONG KONG--(BUSINESS WIRE)--Dec. 21, 2020
Zeek, the Southeast Asia-focused logistics technology startup, announced today that it has secured approximately US$10 million in Series Pre-A financing from regional strategic investors and investment funds. The new funding will be used by Zeek for 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 (SEHK: 0012) 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.
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Zeek Co-founders (From Left): Cliff Tse, Chief Technology Officer, KK Chiu, Chief Executive Officer, and Vincent Fan, Chief Strategy Officer. (Photo: Business Wire)
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.”
Leveraging big data and technology to rejuvenate logistics industry
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.
Partnering with global strategic partners to capture the multibillion Southeast Asia Intra-city logistics market
Zeek’s leveraged intelligent logistics technology was trusted by global merchants and Southeast Asian brands which have established strategic partnerships with Zeek in the application of intelligent logistics to digital transformation. In Vietnam, Golden Resources Development (SEHK: 0677) has become the strategic partner of Zeek’s local operation whereas Zeek empowers digital transformation for over 400 Circle K outlets in Vietnam operated by Golden Resources Development with its intelligent O2O last-mile intelligent delivery solutions. In Thailand, a locally listed company has become the strategic partner of Zeek’s Thailand operation whereas Zeek provides intelligent logistics solutions to McDonald’s Thailand.
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.”
Zeek’s revenue has exceeded US$28 million in 2020 and is estimated to grow by at least 100% in 2021. Zeek is confident to become one of the leading intra-city intelligent logistics players in F&B and lifetsyle sectors in Southeast Asia.
Zeek is a data-driven intelligent logistics technology platform in Asia that provides one-stop O2O last-mile delivery solutions for F&B, lifestyle and FMCG merchants in Southeast Asia. Founded in Hong Kong by Kin Shun Information Technology Limited in 2017 with a team of experts from the logistics, Internet and F&B industries, Zeek has grown to be one of the leading logistics players in Southeast Asia and has expanded its business presence in Singapore, Malaysia, Thailand and Vietnam and is planning to set foot in Taiwan, the Philippines and Indonesia.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201217006219/en/
Phone: (852) 6760-5831 / (852) 3955-0823
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