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.