SINGAPORE, March 31, 2020 /PRNewswire/ -- Inteluck, a Southeast Asia-based data-driven third-party logistics platform, announced that it has raised US$5M+ in Series Pre-B funding round led by MindWorks Capital with participation from Infinity Venture Partners and leading on-demand logistics technology platform Lalamove.
Inteluck: data-driven logistics platform in Southeast Asia
This is Lalamove's first strategic investment while MindWorks Capital is an early investor, board member, and major shareholder of Lalamove.
Founded in 2014, Inteluck started as an IoT SaaS platform for trucking companies in the Philippines to monitor and manage their shipment and drivers in real-time. However, Inteluck later transformed to become a B2B logistics service platform after realizing that existing logistics providers were not able to fulfill the standards required by their clients.
Since early 2018, Inteluck had amassed more than 17,000 certified trucks to become the largest trucking fleet in the Philippines. Under this new marketplace model, Inteluck was able to aggregate the highly fragmented supply of trucking companies for medium to large-size enterprises and drastically improve the standard and efficiency of full truckload logistics (FTL).
"The biggest pain point in full truckload shipping for enterprise customers is that it is extremely challenging to optimize delivery with many dynamic variables. Our technology enables us to optimize delivery processes by combining data from external sources such as road conditions and weather with real-time data collected by IoT devices across our logistics fleet. By regrouping scattered bookings, we are able to generate higher utilization in round trip loads and reduce waste for our customers," said Kevin Zhang, Founder & CEO of Inteluck.
The company currently has more than 100 enterprise customers spanning a variety of industries including Coca-Cola, OPPO, Asia Brewery, as well as global manufacturers, telecom providers and distributors.
Inteluck will use the proceeds of this funding round to launch an intelligent dispatch system and further expand its customer base in the Philippines. Seeing similar pain points throughout the region, the company will also plan to scale its FTL solutions to other markets within Southeast Asia.
"We are impressed by Kevin's acuity in understanding the intricacies of the local trucking market. By bringing on Lalamove to co-invest in this round, we will leverage our collective expertise in logistics to help Inteluck scale to become the dominant industry leader," said David Chang, Managing Partner of MindWorks Capital.
"We see a lot of synergy between Inteluck and Lalamove - both being companies using technology and data to revolutionize logistics. Combining Lalamove's expertise in last mile delivery with Inteluck's experience in long haul delivery, we are confident that we can optimize delivery offerings for businesses across Southeast Asia. We also admire Kevin's sharp sense in identifying pain points in long haul logistics which will undoubtedly help Inteluck fulfill the needs of their customers adequately," said Shing Chow, Founder and CEO of Lalamove.
About Inteluck
Founded in 2014, Inteluck is a data-driven third-party logistics provider that focuses on first- and middle- mile delivery for mid to large-size enterprises in Southeast Asia. Inteluck is headquartered in Singapore and operates in other Southeast Asian countries including the Philippines and Thailand. Inteluck's mission is to offer highly efficient B2B logistics services via its advanced technology in emerging markets.
About MindWorks
MindWorks Capital was established in 2014 and is a venture capital firm with its headquarters in Hong Kong and offices in Beijing and Jakarta. MindWorks utilizes a Pan-Asia strategy to source direct investments in technology companies across both Greater China and Southeast Asia.
MindWorks currently manages US$500 million in total net asset value across its three funds and is a co- investment partner of the Innovation Technology Venture Fund initiated by the Hong Kong government.
About Lalamove
Since 2013, Lalamove (also known as Huolala in Mainland China) has tackled the logistics industry head on to find the most innovative solutions for the world's delivery needs. Millions of drivers and businesses use our technology every day to connect with one another and move things that matter. Every month, Lalamove unceasingly matches about 6,000,000 active customers with a pool of over 440,000 active drivers of vans, trucks, lorries and motorcycles to provide same day delivery services. Lalamove's mission of making local deliveries faster and simpler is achieved with innovations such as instant order matching, real- time GPS vehicle tracking, 24/7 services, route optimisation and a driver rating system. Lalamove now operates in over 300 cities across Greater China, Southeast Asia, India and Latin America.
Photo - https://photos.prnasia.com/prnh/20200327/2762432-1?lang=0
