Daily Markup #208: FunNow to spread its cheer in Southeast Asia; New horizons for Cargobase; Retailo’s shopping cart just got bigger

The more, the merrier

  • Co-founder C. C. Chang of 500-backed Taiwanese online booking platform FunNow revealed the startup is eyeing a Southeast Asia expansion. It is also working on its Series B round of funding.
Credit: Meet Global
  • “Our next destination will be Singapore or Bangkok…we plan to tap into the new markets through acquisitions or vertical integration (with local partners),” she explained. “We are aiming to become one of the top three online lifestyle booking platforms in Singapore and Bangkok within three years.”
  • Despite the impact of Covid-19, FunNow said that its revenue during the third quarter of 2020 grew approximately 50% on an annual basis.
  • The startup also has a presence in Kuala Lumpur, Hong Kong, and several Japanese and Taiwanese cities. It claims to have a total of 1.5 million registered members across the globe.

Smooth sailing

  • 500-backed logistics startup Cargobase revealed its numbers in 2020: a year-over-year growth across freight volumes (+119%), transactions (+47%), and revenues (+81%). It expects this trend to continue in 2021, with revenues tripling.
Credit: JOC
  • “We have seen very strong growth in the European market, which now makes up 30% of our global volume,” said Wiebe Helder, CEO at Cargobase. “We expect to grow our volumes in Europe alone by at least fivefold this year with our newly closed deals and brand new sales team in our Amsterdam office.”
  • Wiebe attributed this in part to a growing client base, with interest coming from new industries such as pharmaceuticals, health care, and perishable goods.
  • This year, the startup is working on new features such as a flexible freight tender feature, last-mile GPS tracking, advanced data visualization options, and new APIs for both shippers and logistics providers.

Add to cart

  • 500-backed B2B e-commerce startup Retailo announced it has partnered with Hilal Foods Pvt Ltd, a confectionary and food manufacturing company in Pakistan.
  • With this partnership, local retailers will have access to a greater variety of products to order through Retailo’s app. Both companies aim to tackle the supply chain issues of local retailers and store owners in the region.
Credit: Tech in Asia
  • Retailo co-founder Wahaj Ahmed said, “We are constantly looking to partner with more brands to meet the demand by expanding our portfolio and making more goods available for ordering through our app. The partnership with Hilal Foods will ensure a steady and sufficient supply of Hilal Foods products to retailers across the city.”

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.

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