Logistics Startup Inteluck Closes US$5M+ Series B from MindWorks, Lalamove and Infinity Ventures

Logistics Startup Inteluck Closes US$5M+ Series B from MindWorks, Lalamove and Infinity Ventures

This is Lalamove’s first strategic investment

Singapore-based data-driven B2B logistics startup Inteluck raised over US$5 million in a Series B, the company announced yesterday.

Led by Asia investment firm MindWorks Capital, the round saw participation from delivery services provider Lalamove (known as Huolala in Mainland China) and Tokyo-based venture capital firm Infinity Ventures.

Kevin Zhang, Founder & CEO of Inteluck, said in a statement, “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,” he continued.

The funding will go towards an intelligent dispatch system initiative and customer acquisition in the Philippines, the statement noted.

It added that Inteluck plans on taking its full truckload logistics solutions to other Southeast Asian markets as well.

Founded in 2014, Inteluck is a first- and middle-mile B2B logistics provider for mid- to large-size enterprises in Southeast Asia. Their enterprise customers include Coca-Cola, OPPO, and Asia Brewery.

“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,” David Chang, Managing Partner of MindWorks Capital, said in the statement.

Both Lalamove and Inteluck are tech-driven logistics solutions providers. MindWorks is one of Lalamove’s early investors, as well as a major shareholder. The Series B participation is Lalamove’s first such strategic investment.

Shing Chow, Founder and CEO of Lalamove, said in the statement, “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,” he went on to add.

Logisitics companies including Inteluck have their work cut out for them due to the COVID-19 outbreak.

“Amid Covid-19 lockdown, Inteluck has been working hard to transport basic necessities for its FMCG clients. The company is also utilizing its truck fleet to send meals and medical supplies for the frontiers to help beat Covid-19,” Cassidy Wong, Senior Associate at MindWorks, said via a LinkedIn post.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Step Into Tomorrow: Explore the Wonders of InnoEX 2024 in Hong Kong

In the bustling city of Hong Kong, where over seven million people reside, the call for smarter, more livable cities is louder than ever. This April, the Hong Kong Trade Development Council (HKTDC) steps up to answer that call with the InnoEX and the landmark 20th edition of the HKTDC Hong Kong Electronics Fair (Spring Edition) (EFSE). Backed by the visionary efforts of the HKSAR Government Innovation, Technology and Industry Bureau and the HKTDC, these tech expos are set to feature the latest and greatest innovation from over 3000 exhibitors from more than 20 nations and regions. 

Cloud Software Group and Microsoft Forge Strategic Cloud and AI Partnership

Cloud Software Group Inc. and Microsoft Corp. have announced an expansion of their long-standing collaboration through an eight-year strategic partnership. This partnership aims to strengthen the go-to-market collaboration for the Citrix virtual application and desktop platform and facilitate the development of new cloud and AI solutions. As part of the agreement, Cloud Software Group will commit US$1.65 billion to Microsoft’s cloud services and generative AI capabilities.

The Best 4 Hardware Crypto Wallets of 2024

After a long crypto winter since the spring of 2022, the crypto world has been buzzing with activity recently. In January, the U.S. saw the approval of Bitcoin ETFs; on March 14, Bitcoin’s price soared to an all-time high of US$73,835—obviously, there is an upsurge in interest in the crypto market. 

SUNRATE Empowers B2B Transactions with Apple Pay Integration

SUNRATE, a global payment and treasury management platform for businesses, announced the integration of Apple Pay for its customers, offering a safer and more private payment method. This move leverages the advanced security features of the iPhone to protect transactions and aligns with the growing demand for seamless and secure business transactions.