HONG KONG, Dec 21 (Bernama-BUSINESS WIRE) — Zeek, the Southeast Asia-focused logistics technology startup, announced today that it has secured approximately US$10 million in Series Pre-A financing from regional strategic investors and investment funds. The new funding will be used by Zeek for further expansion in Southeast Asia markets, enhancement and refinement of logistics management technology and data analytics applications. The latest round of financing takes Zeek’s total funding raised to around US$15 million up to date from investors that include: SF Holding (SZSE: 002352), Chinachem Group, Philippines KHO Group family, Dr. Lee Ka Kit, Chairman and Managing Director of Henderson Land (SEHK: 0012) in private investment, the Innovation and Technology Venture Fund Corporation of the Hong Kong SAR Government, HKSTP Ventures, Elite Time Limited, Radiant Tech Venture Fund LP, Caelus Asset Management, SQ Capital Ventures etc. SQ Capital Partners acted as the financial adviser to Zeek for this financing round.
KK Chiu, Co-Founder & CEO of Zeek said, “The pandemic has brought drastic changes in consumer behaviours. Many conventional merchants are looking to accelerate digital transformation to cope with the changes. In the first three quarters of 2020, Zeek has handled over three million delivery orders, with the growth rate of 100% YoY. Manpower resources has been increased by 50% to handle surging orders. It is estimated that by 2023, the market size for F&B and living goods sector will reach 2.6 billion, with the annual growth rate of no less than 10% and gross revenue soaring to US$100 billion. This round of financing will help our extension of intelligent logistics applications to more industries and fuel our expansion in Southeast Asia where Internet penetration and young consumers are massive and exponential growth of online consumption is underway.”