East Ventures Participates in Inteluck Logistics Startup Series B Round

Startups e-logistics Inteluck closed a series B funding of $15 million (over 215 billion Rupiah) led by Creo Capital, a Hong Kong-based investment firm that is part of the New World Group. East Ventures and Headline Asia are among the participating investors. Favor Capital became the exclusive financial advisor in the funding round.

Inteluck was founded in 2014 by Kevin Zhang who is experienced in logistics sectors, supply chain, technology and other cross-regional business, and supported by a core team with functional experience in various international companies.

Inteluck provide platform solutions e-logistics which helps clients and supplier partners to find and generate valuations in every aspect. This valuation is realized by maximizing logistics efficiency through technology, data and analytics. This startup supports a variety of logistics platform services, including FTL (full truck load) transportation, warehouse management, freight forwarding, and other specially designed supply chain services.

In addition, Inteluck integrates and optimizes resources based on enabling technology, as well as the network of supplier partners that has formed in Southeast Asia over the last decade. Thus, it is claimed that the use of the platform can save logistics costs and improve operational efficiency.

At the same time, Inteluck is helping more than 5.000 supplier partners cope with cash flow pressures by increasing the number of orders received. Currently the company has served more than 250 well-known companies in a number of industries, such as telecommunications, FMCG, manufacturing, E-commerce, delivery of goods, and so on.

In an official statement, Inteluck Founder & CEO Kevin Zhang said, although many companies were affected by the pandemic, even acquiring new customers was now more difficult, the company was able to increase its revenue by 512% in the last three years.

“This achievement was realized thanks to the hard work of our team who always serve clients with high quality services. We also increase added value for clients and vendors by leveraging order reconstruction, dispatch optimization, dynamic pricing, and a number of other technologies," he said, Wednesday (26/1).

Inteluck has strengthened its reach in the $3 billion 300PL segment. Headquartered in Singapore, Inteluck has penetrated the Philippines, Thailand and other countries. Inteluck is now expanding its reach in Southeast Asia, and is targeting tremendous growth over the next three years.

Creo Capital Managing Partner Christopher Cheng said, "As the world faces unpredictable supply chain uncertainties, and fast-changing customer demands, Inteluck's sophisticated, data-driven platform and extensive network provide both suppliers and enterprises a cost-effective way to go."

He continued, “As a result, operational activities become more optimal, and inefficiencies are reduced. Inteluck's skilled management team, and superior products are in line with Creo's strategy to invest in transformative companies led by innovative entrepreneurs. We are optimistic that Inteluck has the potential to become a leading logistics solution provider in Southeast Asia in the future."

Co-founder & Managing Partner of East Ventures Willson Cuaca added, "We are excited to support Inteluck and be part of Kevin's team in overcoming logistical challenges. Inteluck's technology and data-driven platform helps logistics company and freight forwarding optimizes the entire supply chain more efficiently and transparently. We look forward to witnessing Inteluck's next milestone."

Logistics startup funding trends

In supporting the digital economy, the logistics industry still has a lot of friction in its business processes. This opportunity encourages startup players to jump in which requires a lot of investment in developing their technology.

From the beginning of 2019 to July 2021, the research team DailySocial.id noted that there were around 16 announced funding transactions involving technology-based logistics companies. This investment managed to record a total fund value of $586 million. There are at least 4 logistics startups that have a valuation above $100 million, namely SiCepat, Waresix, Shipper, and GudangAda.