Delivery startup Pickupp secures US$20m funding from investors including Temasek-backed Reefknot

HONG Kong on-demand delivery startup Pickupp has secured US$20 million in total for its Series A and A+ funding. This includes investment from Reefknot, a joint venture of Temasek Holdings and Swiss logistics player, Kuehne + Nagel.

Other investors in this funding round include lead investors Taiwan e-commerce giant PChome and Cornerstone Ventures, and existing investor Hong Kong-listed Swire Properties. Other new investors include Cathay Venture and London-listed the Jardine Matheson Group.

The funds will be utilised to enhance operational efficiency in Pickupp's online-to-offline services in Singapore, Malaysia, Hong Kong and Taiwan, as well as expansion plans for new satellite warehouses in the aforementioned markets. Pickupp will also tap the funds for new services, innovation and development.

In Singapore, the startup is looking to add at least 10 new satellite warehouses over the next 6 months, and boost its walker delivery agent pool as part of its sustainability efforts.

"Sustainability is a long-term goal of ours, and we aim to achieve net-zero operations in the years to come. Therefore, we are taking on a unique approach to tackle these challenges by building and improving our walker network," said Lee Chee Meng, co-chief operating officer at Pickupp Singapore.