Southeast Asian third-party logistics player Inteluck has raised $5 million in a pre-Series B round of financing led by Hong Kong-based venture capital firm MindWorks Capital, according to a company statement on Tuesday.
Other investors in the round included on-demand logistics provider Lalamove and return backer Infinity Venture Partners.
The deal marks the first strategic investment by Lalamove. MindWorks is an early investor, board member, and major shareholder of Lalamove.
Founded in 2014, Inteluck started out as an IoT SaaS platform for trucking companies in the Philippines to monitor and manage their shipment and drivers in real-time. It later pivoted to become a B2B logistics service platform.
Inteluck claims to be one of the largest truckload shipping logistics platforms in the Philippines, with 17,000 certificated trucks. Its clients include Coca Cola, OPPO, Lazada Group, Star Paper Corporation, Asia Brewery Incorporated and Huawei.
“The biggest pain point in full truckload shipping for enterprise customers is that it is extremely challenging to optimize delivery with many dynamic variables,” said Kevin Zhang, founder and CEO of Inteluck in a statement. “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.”
Inteluck plans to use the proceeds of the latest funding round to launch an intelligent dispatch system and expand its customer base in the Philippines. The company is also considering an expansion to other markets within Southeast Asia.
“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,” said Lalamove founder and CEO Shing Chow.
Inteluck had earlier raised funding from Infinity Venture Partners, Future Capital and Southeast Asia-based individual investors.