Epost gets RM2.8 million seed funding
Published on: Friday, January 24, 2020
Sponsored by: Epost
KOTA KINABALU: Epost, a Malaysia-based end-to-end e-commerce and logistics service provider, on Friday, announced the closing of a US$700,000 (RM2,848370) seed round of financing led by Vynn Capital.
Vynn Capital is an early-stage venture capital firm founded with the objective of bridging the gap between traditional industries and the new economies through the development of technology. Key industries of focus include Travel, Property, Food and FMCG, Female Economics as well as Business Enablers (including logistics and fintech).
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According to its statement, Epost will use the proceeds from the financing to further expand business operations in Southeast Asia, enhance marketing efforts and hire new staff. Founded in August 2018, Epost is a Malaysian online platform that provides consumers and businesses with end- to-end cross-border e-commerce and logistics services, helping traditional businesses transform and expand their business in the e-commerce space.
Since launching, Epost has expanded its business operations across Malaysia, China, Singapore, Vietnam, the Philippines and Brunei, serving five international online marketplaces with 13 e-fulfilment warehouses located at key locations throughout Southeast Asia. With Epost, businesses and consumers are able to conveniently and efficiently ship packages to overseas destinations through the company’s strong network of logistics partners.
Epost helps connect businesses with online and offline distributors and sell their products to new customers in overseas markets through the company’s cross-border services, ensuring that customers are able to receive items in geographies that traditional logistics providers may not be able to deliver to. As a cross-border e-commerce and logistics enabler, over half of Epost’s orders originate in China and are delivered to destinations in Southeast Asia, leveraging shifts in supply chains and cross-regional integration.
The company works directly with government agencies, local distributors, suppliers and retailers to meet the logistics needs of its customers. The company utilizes in-house developed tools to support customer needs, including mobile-first user experience, as the majority of Epost customers are primarily using mobile devices to access the service.
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The company is led by co-founder and CEO Tobin Ng, an experienced cross-border logistics expert, who wanted to leverage technology to provide new and innovative ways to meet the e-commerce and logistics needs of people looking to conduct cross-border business.
With this round of financing, Epost plans to enhance its operations footprint throughout Southeast Asia, with a particular emphasis on the key markets of Indonesia and Thailand. The company will also enhance its marketing efforts to support customer growth in China and Southeast Asia, as well as bring on new hires to help the company drive business growth.
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“In Southeast Asia, the e-commerce logistics industry has plenty of room for growth, especially in services that enable connectivity across national borders. With Epost, we hope to transform the industry and create more value to all players throughout the e-commerce value chain with Epost’s solutions and technology,” said Tobin.
Meanwhile, Managing Partner at Vynn Capital Victor Chua remarked that the opportunities in cross-border e-commerce are tremendous and in addition to creating greater activity between markets, it also enables smaller merchants and individual consumers to tap into new revenue streams and better service.
“This fits into our view that eventually there will be convergence – between markets, industries, and sectors – leading up to a better ecosystem for each economy in the region.
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