Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Hong Kong Startup Pickupp Raises $15 Million From Billionaires And Conglomerates For Asia Expansion

Hong Kong Startup Pickupp Raises $15 Million From Billionaires And Conglomerates For Asia Expansion

New investors include Drive Catalyst, the corporate venture arm of Taiwan conglomerate Far Eastern Group, and Hong Kong-based Jardine Matheson Group.
Pickupp, a Hong Kong-based logistics startup, announced earlier this week that it has raised about $15 million in funding since November to fuel its Asia expansion and grow its e-commerce platform.

New investors include Taiwan e-commerce company PChome, Taipei-based Cornerstone Ventures and Drive Catalyst, the corporate venture arm of Taiwan conglomerate Far Eastern Group, which is chaired by billionaire Douglas Hsu. Existing investor Swire Properties, a Hong Kong-headquartered property developer, also participated in the funding.

Other investors include Hong Kong-based Zipx, which is headed by James Steinberg, an honoree on this year’s 30 Under 30 Asia list; Cathay Venture, the corporate venture arm of Taiwan-based Cathay Financial, which is led by the billionaire Tsai brothers; and Hong Kong-based conglomerate Jardine Matheson Group.

Pickupp currently operates in Hong Kong, Taiwan, Malaysia and Singapore. In Taiwan, the startup is partnering with PChome for last-mile delivery. Crystal Pang, cofounder and CEO of Pickupp, said in a phone interview that the five-year-old startup is also open to working with investors in Hong Kong who require logistics services.

“I think this would be a very good way to showcase that we are able to add value and provide flexible and highly transparent delivery solutions for whatever business sector they may be in,” says Pang.

The funding also allows Pickupp to capitalize on the opportunities amid the soaring growth in e-commerce in the pandemic era. Online retail sales in the Asia-Pacific region will grow from $1.5 trillion in 2019 to $2.5 trillion in 2024, according to market research firm Forrester.

Pickupp also saw demand increase for cross-border deliveries, such as between Taiwan and Hong Kong. Before the pandemic, Hong Kong consumers would fly to Taiwan, which is just an hour away, to bring back Taiwanese goods.

“People are also more willing to try out new websites and new e-commerce players out there, so for cross-border e-commerce, making it economical and feasible to [small- and medium-sized enterprises] and individuals is key,” says Pang. “This demand is not going away any time soon.”

Last year, Pickupp launched Shop On Pickupp, an e-commerce mobile platform that allows small businesses to transition online. As the pandemic has accelerated the growth of e-commerce, Pickupp aims to operate in 10 markets in Asia in the next three to five years. “I don’t think right now we have a very specific next city on the roadmap, but we do have quite a number of partners we already work with,” says Pang. “Even though we don’t have an office there, we are already taking volumes from these places.”

Pickupp was cofounded in 2016 by Pang and Eric San, two Uber alums, and Paco Chan, an honoree on last year's 30 Under 30 Asia list, who previously worked at Procter & Gamble. The startup serves more than 20,000 merchants across Asia with 80,000 registered agents.

In 2019, Pickupp raised an undisclosed funding round led by the Alibaba Entrepreneurs Fund, with participation from Hong Kong-based venture capital firms Spark Ventures and Axis Capital Partners.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×