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Zeek Raises US$10 Million Funding Despite Market Adversity The Southeast Asia logistics pioneer will use the new funding for further expansion in the regional markets, enhancement and refinement of logistics management technology and data analytics applications.
he latest round of financing takes Zeek’s total funding raised to around US$15 million up to date from investors that include SF Holding, Chinachem Group, Philippines KHO Group family, Dr. Lee Ka Kit, Chairman and Managing Director of Henderson Land in private investment, the Innovation and Technology Venture Fund Corporation of the Hong Kong SAR Government, Elite Time Limited, Radiant Tech Venture Fund LP, Caelus Asset Management, and
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Malaysia Retailer Vol 9 No 1
SQ Capital Ventures, among others. SQ Capital Partners acted as the financial adviser to Zeek for this financing round. Founded in Hong Kong, Zeek has quickly expanded its business presence in Singapore, Thailand, Vietnam and Malaysia and is planning to set foot in Taiwan, the Philippines and Indonesia in 2021. KK Chiu, Co-founder & CEO of Zeek said the pandemic brought drastic changes in consumer behaviours with many conventional merchants looking to accelerate
digital transformation to cope with the changes. In the first three quarters of 2020, Zeek handled over three million delivery orders, with the growth rate of 100% YoY while its manpower resources was increased by 50% to handle surging orders. “It is estimated that by 2023, the market size for F&B and living goods sector will reach 2.6 billion, with the annual growth rate of no less than 10% and gross revenue soaring to US$100 billion. “This round of financing will help
