Crescendo Equity Partners, a South Korea-focused private equity firm backed by Paypal co-founder Peter Thiel, has led a $50-million funding round in Qxpress, the global logistics service subsidiary of e-commerce platform Qoo10.
Established in 2011 with headquarters in Singapore, Qxpress is a logistics platform that specialises in ecommerce. Its services include warehousing, ordering, inventory management, product packaging, sales agency, delivery, and customer service.
According to a report by Korea Logistics News, the investment from Crescendo Capital Partners will help Qxpress further strengthen its existing logistics businesses that integrate IT systems. The company also plans to explore new businesses, including a logistics management system using blockchain.
The firm currently serves clients in Singapore, Malaysia, Indonesia, Korea, Japan, China, and the US. With the fresh funds, Qxpress said it will expand into more countries in Southeast Asia, including Taiwan and Hong Kong.
“To create a customer value in a variety of other logistics, we are investing heavily in a global network of business,” Qxpress said on its website.
The lead investor in this round, Crescendo Equity Partners, describes itself as a mid-cap focused private equity firm, which aims to invest in Korean startups and venture firms.
The firm has invested heavily in high-tech firms in recent years, including W50 billion in Hancom, an office suite software developer; W20.3 billion in Seojin System, an aluminum case maker for telecom equipment; and W37 billion in Hanmi Semiconductor, a semiconductor equipment maker.
The e-commerce boom in Southeast Asia has also prompted investors to pour money into the region’s logistics players. In February, Singapore-based logistics startup Moovaz has secured an undisclosed amount of investment from Hustle Fund, a venture fund investing in early-stage startups in the US, Canada, and Southeast Asia.
In April, Philippines-based logistics platform services firm Inteluck secured several million dollars in its Series A+ funding round from a group of venture capital firms led by FutureCap, an early-stage Chinese VC.