MyCloudFulfillment, a Thailand-based e-commerce fulfillment company, announced raising a total of $7.4 million in its Series B funding round from JWD Group and SCB 10X.
The startup, which provides storage, packing, and shipping services, with sales channel integration and data analytics, said it will use the fresh funds to improve its warehouse service capability and expand its services to Vietnam and the Philippines.
The funding round comes a year after MyCloudFulfillment completed a $2-million Series A round of financing from ECG-Research, Gobi Partners, NVest Ventures, and SCB 10X, broadening its product development and building a data-centric organization.
SCB 10X is the venture arm of Thailand’s Siam Commercial Bank. Earlier this year, it set up a $50-million fund to invest in blockchain, decentralized finance, and digital assets.
JWD Group, meanwhile, is a Southeast Asia-based logistics and supply chain firm, which in May invested in Thailand-headquartered restaurant management startup FoodStory.
The funding also comes as the value of e-commerce market worldwide is projected to reach THB75 trillion early this year and the number of e-commerce users is projected to hit 3.5 billion.
“We want our customers to focus only on the selling process because it is the most important part and the rest we will do it for you from the production process until delivery to your customer. We are on the same team as your personal assistant,” Nithi Satchatippavarn, MyCloudFulfillment CEO, said on the company’s website.
He earlier pointed out that Asia is the largest market, accounting for 61.5% of worldwide users with Southeast Asia as the key growth driver. Statista forecast shows that Southeast Asia will see 44% growth in e-commerce transaction.
During the first half of 2021, the startup recorded an average of 300,000 orders per month. The company also added a new warehouse in Min Buri with more than 6,500 square meters of space. It is set to fulfill up to 30,000 orders at a maximum per day.