Inteluck, a Southeast Asia-based data-driven third-party logistics platform, announced that it has raised US$5M+ in Series Pre-B funding round led by MindWorks Capital with participation from Infinity Venture Partners and leading on-demand logistics technology platform Lalamove.
This is Lalamove's first strategic investment while MindWorks Capital is an early investor, board member, and major shareholder of Lalamove.
Founded in 2014, Inteluck started as an IoT SaaS platform for trucking companies in the Philippines to monitor and manage their shipment and drivers in real-time. However, Inteluck later transformed to become a B2B logistics service platform after realizing that existing logistics providers were not able to fulfill the standards required by their clients.
Since early 2018, Inteluck had amassed more than 17,000 certified trucks to become the largest trucking fleet in the Philippines. Under this new marketplace model, Inteluck was able to aggregate the highly fragmented supply of trucking companies for medium to large-size enterprises and drastically improve the standard and efficiency of full truckload logistics (FTL).
"The biggest pain point in full truckload shipping for enterprise customers is that it is extremely challenging to optimize delivery with many dynamic variables. 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. By regrouping scattered bookings, we are able to generate higher utilization in round trip loads and reduce waste for our customers," said Kevin Zhang, Founder & CEO of Inteluck.
The company currently has more than 100 enterprise customers spanning a variety of industries including Coca-Cola, OPPO, Asia Brewery, as well as global manufacturers, telecom providers and distributors.
Inteluck will use the proceeds of this funding round to launch an intelligent dispatch system and further expand its customer base in the Philippines. Seeing similar pain points throughout the region, the company will also plan to scale its FTL solutions to other markets within Southeast Asia.
"We are impressed by Kevin's acuity in understanding the intricacies of the local trucking market. 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," said David Chang, Managing Partner of MindWorks Capital.
"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. We also admire Kevin's sharp sense in identifying pain points in long haul logistics which will undoubtedly help Inteluck fulfill the needs of their customers adequately," said Shing Chow, Founder and CEO of Lalamove.