Hong Kong-based logistics company Jumppoint has received $6.5 million in a Series A fundraising round that was headed by MindWorks Capital. Philip Kuai, the creator of Dada Nexus, Headline Asia, Chinachem Group, and the Innovation and Technology Venture Fund (ITVF) of the Hong Kong SAR Government all took part in the round.

The government launched the ITVF in 2017 with HK$2 billion ($256 million) to invest in Hong Kong businesses and foster a more thriving innovation and technology environment. MindWorks Capital, based in Hong Kong, has invested in several logistics companies, such as unicorn Lalamove and startup Inteluck. The VC firm also collaborates with ITVF on investments. According to the company's press release, Philip Kaui will also serve as a board adviser for Jumppoint.

The funding will be used for hiring, enhancing the platform’s capabilities and expanding its services in other regions like Thailand, Singapore, and Malaysia. “We are thrilled to have the support of MindWorks Capital and Phillip Kuai as we continue to grow and evolve. This funding will allow us to further invest in our technology and bring even more value to our customers,” said Samson Ho, founder and CEO, Jumppoint, in a statement.

Founded in 2020, Jumppoint offers a one-stop platform for warehousing, fulfilment, and cross-border logistics services. The company has built a proprietary dynamic route optimisation engine and demand prediction engine, which it claims has increased logistics efficiency and reduced costs by up to 40%. Jumppoint currently claims to handle over 200,000 orders per month and manages about 400,000 sq ft of warehouse space. With a year-over-year growth of over 300%, Jumppoint claims it is on track to reach profitability by Q3 2023.

“Jumppoint has a strong track record of delivering exceptional service to its customers, and we are confident in the company’s ability to continue driving growth and innovation in the logistics industry,” said Cassidy Wong, director, MindWorks Capital. Hong-Kong has seen a profileration of logistics startups like GoGoVan, Floship, Easyship, and OpenPort, with many becoming unicorns and soonicorns. Media reports suggest that Lalamove could be looking at raising $500 million in fresh funds at a $10-billion valuation. Alibaba-backed Gogox debuted last year on the Hong Stock Exchange at a $2-billion valuation.