APX received undisclosed Pre-series A funding from iSeed SEA, Orzon Ventures
Pre-series A funding for the Thailand-based logistics network APX has been obtained from iSeed SEA and Orzon Ventures, a VC fund supported by 500 Global, PTT Oil and Retail Business, and PTT Oil. The amount of the funding was undisclosed.
The company intends to use the additional funding to expand its team within its own nation, enter new markets, and enhance its platform. Additionally, it seeks to establish fresh strategic alliances in order to add more users.
The business, which is already active in Thailand, wants to offer its services in Malaysia and Singapore.
Sukanya Thamthada and Uwe Dettmann introduced APX, also known as Asia Pallet Express, in 2020. Through its platform, which provides services for palletized cargo and less-than-truckload shipments, it links cargo shippers and truckers.
The COO of APX, Sorawit Tantrakulcharoen, stated that although the company contacted several investors, Orzon was its top priority because it sees a “strong synergy” with the VC firm.
Growth-stage fund Orzon provides portfolio companies with access to its ecosystem of PTT oil stations spread across 10 countries. The network of 500 Global and the local knowledge of 500 TukTuks are also made available to investors.
With over 80 portfolio companies in Thailand and throughout Southeast Asia, 500 TukTuks is the most active investor there, according to Orzon’s website.
