THAI start-up Giztix has received its first Series A funding from AddVentures, the corporate venture capital (CVC) arm of SCG. AddVentures is the lead investor, co-investing with other well-known venture capitals.
This is the first direct investment by SCG in a start-up. The investment focuses on developing and digitising the logistics industry in Thailand and other Southeast Asian countries, and it aims to help Giztix grow to 10 times its current size over the next 24 months.
Giztix has become well-known among companies in industrial or manufacturing businesses for helping customers to digitise and automate their logistics processes along with helping with price sourcing for their route expansions.
Main Giztix features include instant logistics pricing that allow customers to get instant prices of domestic transportation services, place bid requests for export and import services, and make high-volume requests (e-Bidding for logistics).
The "book logistics" online feature allows customers to book logistics with any logistics service provider among the more than 300 service providers currently active daily. Services cover domestic transportation, freight (air & sea) and Customs brokerage.
The "payment gateway" service enables customers to make immediate payments to any logistics service providers.
According to the company's official blog, Giztix has proven that it can transform traditional logistics into digital versions, thereby improving efficiency in customers' and service providers' operations. Giztix has grown around 30 per cent month on month for the past 15 months.
The Series A funding will be officially announced on November 21 at an event focusing on investment details and its co-investors. Partnerships and roadmaps are scheduled to be announced to demonstrate Giztix's strategy for digitising Thailand's Logistics 4.0.
Earlier, AddVentures had made a fund-of-funds investment by funding in Vertex Ventures, one of Southeast Asia's largest and most established VCs, in a bid to tap into opportunities for SCG and help build the start-up ecosystem. The move could lead to a co-investment between AddVentures and start-ups in the Series A funding round.
AddVentures announced that they also seek opportunities to access the enterprise technology start-ups through commercial deals, enabling it to develop its key business and advance SCG's pipeline products. Observers have suggested that the investment could move the company in a positive direction as well as a better start-up ecosystem for Thailand and the region.
AddVentures recently announced its first fund of funds investment through Wavemaker SEA Fund II, the second fund managed by the leading Southeast Asia's venture capital company, Wavemaker Partners. The move was aimed to help develop B2B start-ups in the region.