Pakpobox Raised Pre-Series A Funding For Its Asia Smart Locker Platform
Hong Kong, 25 January 2018 –Pakpobox Hong Kong Limited (“Pakpobox”), a smart locker platform in Asia, has recently in December 2017 closed its pre-Series A funding round for US$1.2 million led by Infinity Venture Partners, a Japan-based VC. SQ Capital Group and The Aria Group also took part. This new money takes Hong Kong-based Pakpobox to total funding of close to US$2 million from investors to date. In April 2017, Pakpobox received funding from Betatron and Mr Kevin Li, founder, and chairman of 4PX Express, a leading China-based cross-border logistics solutions provider that was invested by Alibaba’s logistics arm Cainiao in 2016.
The funding will primarily be used by Pakpobox to expand its smart locker network in Hong Kong and Asia, and to incorporate additional lifestyle services into its smart lockers network to provide unique value-added user experiences to consumers.
Pakpobox was founded in 2014 to build a smart locker network as the last mile delivery solution for e-commerce logistics. The Pakpobox network currently covers Hong Kong, China, Indonesia, Australia, Malaysia, Macau, Maldives and Myanmar, with clients including postal operators in Asia. Pakpobox’s B2C smart locker network allows consumers to deliver their online e-commerce purchases to smart lockers that can be collected 24/7, providing a much more convenient and cost-saving means as compared with home delivery.
Can you imagine if the mailbox was never invented? We would have great difficulties in hiring enough postmen to deliver all the letters. This is the same for parcels in our e-commerce age and this is exactly why smart lockers are essential for every city. As e-commerce continues to grow, as seen by Alibaba’s Double 11 phenomenon, and more parcels are generated, Pakpobox believes that in the future every building would have a smart locker.
Pakpobox operates one of the largest smart locker networks in Hong Kong with around 3,500 compartment doors installed all over Hong Kong mainly in shopping malls and residential estates, handling over 20,000 parcels per month.
Apart from parcel delivery, Pakpobox also integrates and provides various lifestyle services to its smart locker network such as laundry services and parcel returns. A new lifestyle service brand and App ALFRED is planned to be launched in the first half of 2018.
Sheldon Li Pakpobox’s co-founder and Chairman, says, “As the e-commerce market and parcel volumes continue to grow, smart lockers as a cost-effective delivery channel with much potential for automation and labour saving as compared to traditional home delivery has a huge growth potential. We believe that smart lockers would carry the same weight for parcel delivery in this e-commerce age as the mailbox for mail delivery in the past.
Pakpobox’s future strategy is to expand our smart locker network in Hong Kong and Asia whilst also expanding into new vertically integrated services by introducing lifestyle services to provide value-adds to the consumers and to utilize our smart locker capacities. Our goal is to become one of the top three smart locker operators in the Asia Pacific region.”
Matthew Ng, Pakpobox’s co-founder and CEO, says, “Our funding rounds attracted investors from Japan, China and Hong Kong with strong connections and resources in logistics, ecommerce, property management, real estate developers and banking, which we believe would provide strategic value to fuel our growth plan for the Asia Pacific region and lifestyles services.
The current round of funding will primarily be used to expand our smart locker network in Hong Kong, Indonesia and Australia. In addition, we would deploy resources to incorporate lifestyle services within our smart lockers to provide unique value-added user experiences to consumers.”
This is also one of the first times that Infinity Venture Partners has invested into a Hong Kong startup. This shows that overseas funds are increasingly becoming interested in investing in Hong Kong startups.
About Pakpobox Pakpobox is a smart locker platform in Asia that provides last mile delivery solutions for ecommerce logistics and lifestyles services to consumers. Pakpobox’s mission is to simplify the delivery of goods by building a smart locker infrastructure for the global e-commerce market. Founded in Hong Kong in 2014, the Pakpobox network currently covers Hong Kong, China, Indonesia, Australia, Malaysia, Macau, Maldives and Myanmar, including contracts with postal operators in Asia www.pakpobox.com
Pakpobox operates one of the largest smart locker networks in Hong Kong with around 3,500 compartment doors installed all over Hong Kong, handling over 20,000 parcels per month.
About the FoundersSheldon Li, Co-Founder & Chairman | Sheldon comes from a rich international logistics background via his family’s business, Morning Express, which has been in operation for more than 30 years. As an entrepreneur, he has co-founded a number of companies focused on logistics, customs clearance, e-commerce, and secure package delivery, including BuyandShip.Today, Zhenhub and LHT Express.
Eric Cai, Co-Founder & Chief Technology Officer| Eric has over 10 years’ experience in engineering, telecommunications, IT, software and hardware development. Previously, Eric was product manager for Urovo Technology and Hytera. Eric is currently responsible for hardware and software development at Pakpobox.
Matthew Ng, Co-Founder & Chief Executive Officer | Matthew has a rich background in economics, operations and consumer retail. Matthew is currently responsible for overseeing Hong Kong development.
Christian Secci, Co-Founder & Chief International Officer | Christian has over 10 years’ experience in logistics, international business and international relations. Previously, Christian was co-founder and managing director of House Of Parcels, as well as managing director of InPost. Christian is currently responsible for overseeing international development.
About Infinity Venture Partners Infinity Venture Partners is a venture capital firm based in Japan specializing in early to growth stage investments on internet and tech startups in Japan and China. Founded in 2007 by Akio Tanaka and Hirofumi Ono, Infinity Venture Partners currently manages over US$180 million across its funds.
About SQ Capital Group SQ Capital Group is a financial group engaged in financing advisory and venture investment for technology startups in Asia. Its partners comprise seasoned finance professionals from investment banking, VC, PE and serial entrepreneurs with decades of capital market experiences and extensive investor networks in Greater China and Hong Kong.
About The Aria Group The Aria Group, a family-office based in Hong Kong, was founded in 2012. Aria Ventures is a division of The Aria Group that invests and seeds startups globally. It looks for interesting and innovative ideas that has the potential to be a significant disruptive force in their industries. The Aria Group is an early investor of Lalamove