iStore iSend, a Malaysian homegrown e-fulfillment service company, has secured a seven-figure investment from Kuroneko Innovation Fund, a Japanese corporate venture capital firm owned by Yamato Holdings.
In a statement, the company said the fresh investment will be used to acquire talent and improve iStore iSend’s proprietary system to help in its plan for cross-border expansion.
iStore iSend, incorporated in 2015, provides end-to-end services to its clients from storage and pick-and-pack to delivery arrangements when an e-commerce order is received.
According to the announcement, the investment is an extension of iStore iSend’s Series B funding round in January 2021 for $5.5 million, which was backed by Gobi Partners and EasyParcel.
Joe Khoo, co-founder and Chief Executive Officer of iStore iSend, said the investment from Kuroneko Innovation Fund will help the startup expand into the e-commerce market in neighbouring countries such as Thailand and Vietnam.
“We are hopeful that this strategic partnership will further strengthen our position in South-East Asia,” Khoo added.
Currently, iStore iSend deals with over 30 foreign fast-moving consumer goods (FMCG) brands and 300 local brands. In addition to its presence in countries like Malaysia, Singapore, and Indonesia, the company plans to expand its services to other neighbouring countries like Thailand and Vietnam.
The integration of its system with e-commerce platforms enables it to receive and fulfill orders the moment they are placed, thus ensuring both speed and efficiency for the delivery process.
To date, iStore iSend is currently serving more than 1000 businesses, from local business to global brands across 4 different countries – Malaysia, Singapore, Indonesia, and China.
Commenting on the investment, Shinji Makiura, Senior Managing Executive Officer of Yamato Holdings, said the incorporation of iStore iSend into Kuroneko Innovation Fund’s portfolio means Yamato Holdings will proceed with the consideration to achieve provision of new value into the rapidly expanding e-commerce market in Asia.