The investment into GIZTIX marks the first Series A funding round that AddVentures by SCG has invested directly to a startup.
GIZTIX stated that it will announce further details about the funding round, including co-investors and investment details, on November 21. It will also announce new partnerships and roadmaps.
“The investment focuses on developing and digitising logistics industry in Thailand and Southeast Asia countries, and it aims to help GIZTIX growing ten times in the next 24 months,” the company wrote in the post.
e27 is reaching to GIZTIX to find out more details about the announcement.
GIZTIX is an online marketplace for logistics or shipping service in Southeast Asia. The Bangkok-based company aims to digitise and automate logistics process through features such as e-bidding, booking, and payment gateway.
It won the first prize at Echelon Thailand’s 2015 pitching competition.
AddVentures is an industrial-focused regional venture capital fund launched by Thai industrial conglomerate Siam Cement Group. It targets B2B, industrial and enterprise startups.
The fund has announced plans to invest between US$1-5 million per deal for the first three to five years, which might give a clue to how much GIZTIX has raised in this current round. The startup itself has announced on their e27 profile that it is looking to raise US$3 million in Series A funding round.
In addition to Southeast Asia, the fund also looks for opportunities in China, Israel, and the US.
Image Credit: Giztix