The Philippine-based startup secures Series A+ funding for an undisclosed amount

Philippine-based logistic startup Inteluck announced that it has secured funding led by FutureCap or also known as Mingshi Capital, an early-stage China-based VC, followed by several other venture capital firms.

As reported by Deal Street Asia, this funding is two years apart from the US$1 million seed round it received led by Infinity Ventures from Japan.

The fund, the company said, will be used to consolidate more resources and further strengthen its network in the Philippines. “For now, Inteluck is setting out for a new round of fundraising and looking to further accelerate its dominance in the Philippines and prepare to expand its service to the rest of the Southeast Asian markets,” said Inteluck founder and CEO Kevin Zhang.

Inteluck was founded in 2014, focussing on trucking, distribution, freight forwarding, contract logistics, and customized supply chain services to shippers. In the Philippines, logistics accounted for 20 per cent of the country’s $332.45-billion GDP in 2018.

“In spite of the fact that full truckload shipping is the main delivery option for over 85 per cent of the total goods, full truckload truck owners are small and traditional. They do not have an effective operating system to track deliveries, manage truck drivers, and monitor fuel consumption,” said the firm.

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Within four years, Inteluck will be taking part in the estimated value of US$60.22 (report by Mordor Intelligence) billion freight and logistics market in the Philippines. In 2018, logistics accounted for 20 per cent of the country’s U$332.45-billion GDP.

Currently, Inteluck’s network includes more than 1,000 small vehicle logistics service providers and 12,000 certified trucks, servicing 100 medium and large local and international enterprises who ship products in the Philippines.

This investment by FutureCap brought its total capital under management to 2.5 billion yuan (US$360 million). The VC has been investing in sectors like artificial intelligence, big data, smart travel, high-end manufacturing, Internet of Things, aerospace, medical devices, and IT.
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