Korea's Crescendo invests $50m in Qxpress

Qxpress was launched in 2010 to handle deliveries for the parent company and now provides delivery services for global e-commerce players. It operates 11 fulfillment centers in Singapore, Malaysia, Indonesia, Korea, Japan, China, and the US, and plans to open another center in Japan later this year, with further expansion in Taiwan, Hong Kong, and Europe to follow.

The company plans to use the new capital to invest in its traditional logistics operation, particularly by strengthening its IT systems. It will also continue its research into new business opportunities, such as the construction of a blockchain-based distribution management system.

Qoo10 began in 2010 as a joint venture between eBay and Ku Young Bae, the founder of Japanese online marketplace Gmarket. It currently operates in Singapore, Indonesia, Malaysia, Shanghai, and Hong Kong, selling products across a range of categories. The company also offers hotel booking and entertainment deals including dining and spa packages.

Backers of Qoo10 include Singapore Press Holdings, which led an $82.1 million Series A round for the company in 2015. Saban Capital Group, UVM 2 Venture Investments, Brookside Capital, and Oak Investment Partners also participated in the round.

Crescendo, which was seeded in 2012 by PayPal co-founder Peter Thiel, is currently investing its second fund, which closed last year at the hard cap of KRW450 billion ($398 million). The firm primarily backs Korean companies that are globally competitive, with a preference for business-to-business technology enterprises.

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• Topics
• Southeast Asia
• Technology
• Support services
• Expansion
• Singapore
• TMT
• Logistics
• Crescendo Equity Partners
• Growth capital