iStore iSend, a Malaysian logistics and supply chain company, announced today that it has raised a “seven-figure US dollars” financing from Kuroneko Innovation Fund, a Japanese corporate VC firm owned by Yamato Holdings and managed by Global Brain Corporation.

This round is an extension of the startup’s US$5.5-million Series B funding, co-led by Gobi Partners and logistics company 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 an end-to-end fulfillment solution company providing clients with a complete omnichannel experience, from warehouse management to shipping.

Also Read: 3 trends that will reshape the retail and logistics industries in Singapore this 2021

The company has developed new functions and capabilities to help offline companies go online offering e-enabler services for brands and retailers, including online store setup. Besides, it also offers brand onboarding solutions for online e-marketplaces, official online store management, and growth and marketing campaigns management.

Currently, iStore iSend deals with over 30 foreign fast-moving consumer goods (FMCG) brands and 300 local brands across markets like Malaysia, Singapore, and Indonesia.

“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.

“Following the decision to expand our e-commerce market in Asia, we have evaluated iStore iSend’s ability to gain a deep understanding of this particular business area. We were impressed by its product development capabilities that are able to vertically integrate entire value chains, from ordering to delivering, ensuring high levels of customer satisfaction,” said Yasuhiko Yurimoto, founder of Global Brain Corporation.

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Image Credit: iStoreiSend

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