SE Asian logistics startup Inteluck raises over $5m from MindWorks, Lalamove

Photo by Markus Spiske from Pexels

Southeast Asian third-party logistics player Inteluck has raised $5 million in a pre-Series B round of financing led by Hong Kong-based venture capital firm MindWorks Capital, according to a company statement on Tuesday.

Other investors in the round included on-demand logistics provider Lalamove and return backer Infinity Venture Partners.

The deal marks the first strategic investment by Lalamove. MindWorks is an early investor, board member, and major shareholder of Lalamove.

Founded in 2014, Inteluck started out as an IoT SaaS platform for trucking companies in the Philippines to monitor and manage their shipment and drivers in real-time. It later pivoted to become a B2B logistics service platform.

Inteluck claims to be one of the largest truckload shipping logistics platforms in the Philippines, with 17,000 certificated trucks. Its clients include Coca Cola, OPPO, Lazada Group, Star Paper Corporation, Asia Brewery Incorporated and Huawei.

“The biggest pain point in full truckload shipping for enterprise customers is that it is extremely challenging to optimize delivery with many dynamic variables,” said Kevin Zhang, founder and CEO of Inteluck in a statement. “Our technology enables us to optimize delivery processes by combining data from external sources such as road conditions and weather with real-time data collected by IoT devices across our logistics fleet.”

Inteluck plans to use the proceeds of the latest funding round to launch an intelligent dispatch system and expand its customer base in the Philippines. The company is also considering an expansion to other markets within Southeast Asia.

“We see a lot of synergy between Inteluck and Lalamove both being companies using technology and data to revolutionize logistics. Combining Lalamove’s expertise in last mile delivery with Inteluck’s experience in long haul delivery, we are confident that we can optimize delivery offerings for businesses across Southeast Asia,” said Lalamove founder and CEO Shing Chow.

Inteluck had earlier raised funding from Infinity Venture Partners, Future Capital and Southeast Asia-based individual investors.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.