Malaysian e-commerce and logistics service provider Epost announced Thursday that it has raised US$700,000 in a Vynn Capital-led seed funding round, marking the first venture capital investment in a Sabah-based startup.
Epost, founded in August 2018, will use the proceeds from the financing to further expand business operations in Southeast Asia, enhance marketing efforts, and hire new staff, according to the announcement.
The startup provides consumers and businesses with end-to-end cross-border e-commerce and logistics services to help traditional businesses further expand their presence in the e-commerce space.
Currently, the company operates across Malaysia, China, Singapore, Vietnam, the Philippines, and Brunei, with 13 e-fulfillment warehouses located at key locations throughout Southeast Asia.
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.
“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 Ng, Cofounder and CEO of Epost.
Vynn Capital, the lead investor in this funding round, 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.
The firm focuses on key industries, including travel, property, food and FMCG, female economics, as well as business enablers (including logistics and fintech).
“Our investment in Epost represents one of the first venture capital investments in the Borneo region and we believe that there will be more quality startups and founders coming out of the Sabah, Sarawak and Kalimantan region as a new potential business market,” said Victor Chua, managing partner at Vynn Capital.