EasyParcel receives US$10.6M funding from Gobi Ventures and AirAsia
EasyParcel, a courier marketplace startup from Malaysia, announced that it has secured RM43.5 million (US$10.6 million) in Series B from Gobi Ventures and AirAsia’s rebranded logistics arm Teleport.
According to a report by Digital News Asia, Gobi led the round but Teleport put in more investment.
The Series B round was also joined by current investors Axiata Digital Innovation Fund and several angel investors.
The company’s Series B round reportedly had been going on for almost a year before closing. “It was important to work out the best deal possible for all parties and to get the right partner fit,” Leong said.
The company has said that it plans to use the funding to expand into existing markets in Malaysia, Singapore, Indonesia, and Thailand, and focus on customer acquisition, as well as strengthen its talent pool by bringing in a new data team leader to scale up the team.
Clarence Leong, CEO of EasyParcel said: “The focus now is speed in execution, as we target to double the revenue in the next 12 months.”
As for scaling up, Leong expressed that EasyParcel is looking into tapping at traditional businesses, especially smaller SMEs (Small and Medium Enterprises), beyond its current e-commerce clients.
EasyParcel is a marketplace that connects courier demand with supply, seeking to enhance the operations of its digitally unsavvy courier partners.
EasyParcel was already working with AirAsia Teleport, previously RedCargo Logistics. The plan is for EasyParcel to potentially help fill spare capacity on Teleport planes.