LOGISTICS startup Inteluck has raised more than US$5 million in a pre-Series B round led by Hong Kong-based venture capital (VC) firm MindWorks Capital, with participation from Japanese VC firm Infinity Venture Partners.
Hong Kong-based logistics firm Lalamove, of which MindWorks is a major shareholder, also participated in the round, marking the company's first strategic investment.
Singapore-headquartered Inteluck began in 2014 as a platform for trucking companies in the Philippines to monitor and manage their shipment and drivers in real time. Upon realising that existing logistics providers could not meet the standards required by clients, the startup turned to building a marketplace to match companies with logistics providers.
Through the use of tech and data, Inteluck's platform automatically assigns orders to the most suitable drivers based on the companies' request and delivery volume. It currently has 17,000 trucks aggregated on its platform.
Kevin Zhang, founder and chief executive of Inteluck, said: "The biggest pain point in full truckload shipping for enterprise customers is that it is extremely challenging to optimise delivery with many dynamic variables. Our technology enables us to optimise delivery processes by combining data from external sources such as road conditions and weather with real-time data collected by Internet of Things devices across our logistics fleet.
"By regrouping scattered bookings, we are able to generate higher utilisation in round-trip loads and reduce waste for our customers."
The company currently has more than 100 enterprise customers, including Coca-Cola, OPPO, Asia Brewery, as well as global manufacturers, telecom providers and distributors.
Inteluck will use the fresh funds to launch an intelligent dispatch system and expand its customer base in the Philippines. It is also planning to expand to other markets in South-east Asia.
Beijing-based early-stage VC firm FutureCap led the startup's previous funding round announced in April last year, the value of which was undisclosed.
David Chang, managing partner of MindWorks Capital, said: "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."
MindWorks currently manages US$500 million in total net asset value across its three funds and is a co-investment partner of the Innovation Technology Venture Fund initiated by the Hong Kong government.
Shing Chow, founder and chief executive of Lalamove, said: "Combining Lalamove’s expertise in last-mile delivery with Inteluck’s experience in long-haul delivery, we are confident that we can optimise delivery offerings for businesses across South-east Asia."