FRESH off securing the CIP300 funding from Cradle recently, local startup Golog is now looking to raise about US$1mil (RM4.17mil) in its seed round to further scale its system and expand its market share.
The cold chain business-to-business (B2B) logistics platform hopes to expand throughout the country and is eyeing overseas markets such as Thailand and the Philippines in the future.
Golog founder and chief executive officer Ivan Chin says obtaining funding from CIP300 will give the company more visibility in the startup industry. This could also help open doors to potential investors.
“It’s not just the opportunity to be funded but also the status that comes by being funded by Cradle, which is a benchmark by venture capitals in the country. This means that Golog has been recognised as a startup with good potential, ” says Chin.
The CIP300 fund by Cradle is a pre-commercialisation programme which provides a conditional grant and value added assistance amounting up to RM300,000 for entrepreneurs.
It is intended to kick-start innovative technology-based startups to enhance and commercialise their products or services.
Chin says funds from Cradle will be used for the commercialisation of the platform as well as to scale up the business.
Chin has seven years of experience in logistics. Having worked with other companies prior, he believes he has the insights needed to provide a solution to strengthen the industry.
In 2017, Chin partnered with a Japanese technology research company to start a smart online logistics trading platform Golog. The platform is designed for B2B and B2B2C companies with diversified transportation solutions.
It is a logistics service provider that integrates technology with logistics, creates efficient logistics services, and successfully transformed traditional industries into profitable models in the digital era.
Golog provides three major services for merchants, namely, on-demand delivery, next day delivery and bulk delivery.
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