End-to-end fulfillment solutions provider iStore iSend has recently closed a Series B funding round led by pan-Asian venture capital firm Gobi Partners and Malaysian logistics company EasyParcel.
“Gobi is happy to announce today that our Malaysian portfolio company, iStore iSend, has just closed their Series B round of US$5.5 M, which was co-led by our firm and local logistics player EasyParcel,” the company said in a statement to TechNode Global.
Gobi Partners also relayed that the newly raised funds will be used to expand iStore iSend’s business activities. “The round will be used to expand their business to other SEA markets such as Thailand and Vietnam, as well as the acquisition of new clients in Malaysia.”
iStore iSend currently operates in four countries: China, Malaysia, Indonesia, and Singapore. The company looks forward to bringing its services to other markets in Southeast Asia including Vietnam, Thailand, and the Philippines. Also, a part of the new funding will be utilized in marketing campaigns to attract more online-to-offline (O2O) clients in existing markets.
“We are looking forward to being able to offer our services to even more e-commerce players in the region,” said iStore iSend Co-Founder Joe Khoo as he explained the competitive edge of their company. Khoo maintains that iStore iSend’s strengths lie in its high inventory turnover and SKU fulfillment.
Tommy Yong, iStore iSend Co-Founder, also lauded the new investment. “This investment comes at a great time, especially during this trying period, where going online is a requirement by most businesses in order to survive. iStore iSend will be able to offer e-commerce supply chain digitization to help even more businesses transition into e-commerce,” said Yong.
Started in 2015, iStore iSend offers a range of services to clients involved in storage and delivery arrangements with e-commerce businesses. Additionally, it provides value-added services including shipment tracking and the real-time management of inventory. The company also has a proprietary warehouse storage management system employed in its SKU hubs.
“The full-stack services that iStore iSend offers its clients as well as the full integration of its system into the most popular e-commerce sites is a real opportunity for investors that should not be overlooked,” Gobi Partners Founding Partner Thomas G. Tsao explained. He believes that iStore iSend is “in a strong position” to help e-commerce companies that are dealing with the logistical challenges brought about by the pandemic.
The co-lead in the Series B for iStore iSend, EasyParcel, is also a recipient of investments from Gobi Partners, and they are pleased to be part of the funding round. “Having been on the receiving end of fundraising, it’s gratifying to come full circle and invest in a company whose business is increasingly becoming the backbone of the e-commerce industry,” said Clarence Leong, the CEO and Founder of EasyParcel.
Leong praised iStore iSend’s growth and the importance of its services amid the pandemic. “This strategic investment adds value to EasyParcel’s customers as they can seamlessly unlock iStore iSend’s fulfillment solutions and e-enabler services. Investing into iStore iSend strengthens our ‘Delivery Made Easy’ tagline,” Leong added.In a social media post, iStore iSend shared the news of the new funding saying that “We are excited and looking forward to build and achieve our vision of Gateway to Digital Commerce.” The company’s current spectrum of services includes online store setup, online e-marketplace onboarding, online store management, marketing campaign management, product listings, and related customer services.
