iStore iSend, a Malaysian logistics, and supply chain startup, today announced a “seven character US dollars funding” from a Japanese corporation owned and operated by Yamato Holdings under the leadership of Kuroneko Innovation Fund, the Japanese VC company.
This financing follows the startup’s US $5.5 million Series B fundraising round, which was led by Gobi Partners and EasyParcel.
With the fresh injection, iStore iSend aims to continue its hiring process and expand into markets such as Thailand and Vietnam. Co-founder and CEO Joe Khoo said: “The investment from Kuroneko Innovation Fund will help us expand into the e-commerce market in neighboring countries such as Thailand and Vietnam.”
Launched in 2015, iStore iSend is a full-service solution firm that offers customers an entire experience ranging from warehouse management to shipping.
The firm has new features and capabilities to help offline organizations provide e-enabler services, such as online shop creation for brands and merchants. It also provides brand onboard solutions, official online shop administration, and management in growth and marketing campaigns for online e-marketplaces.
At present, the iStore iSend deals with more than 30 companies from abroad and 300 local brands, such as Malaysia, Singapore, and Indonesia, in a fast-moving consumer goods (FMCG) sector.
“With the incorporation of iStore iSend into Kuroneko Innovation Fund’s portfolio, Yamato will proceed with the consideration to achieve the provision of new value into the rapidly expanding e-commerce market in Asia,” said Shinji Makiura, Senior Managing Executive Officer of Yamato.