Mount Parker Ventures, an early investor in Hong Kong’s first unicorn GoGoVan, and Brinc, a global venture accelerator firm, announce today the launch of an accelerator program to invest in startups building logistics and supply chain solutions. The program aims to support early stage startups focusing on an industry that has been drastically affected by the coronavirus pandemic.
Startups accepted into the three-month accelerator program will receive a cash investment of USD $100,000. The program will focus on commercialisation by facilitating distribution opportunities and corporate engagements with leading companies to help startups successfully take their products to market. Through Brinc’s mentorship, companies will also benefit from access to a global network of industry experts, leading corporates in the field, investors, a customised curriculum and an international startup perks package. Upon completion of the program, Brinc will continue to support startup growth through business development and capital raising guidance, and ensure a deep connection to the growing Brinc family of founders. Post-program startups that have demonstrated traction will also have the opportunity to receive follow-on investments from Mount Parker Ventures and other leading venture capital groups.
“The coronavirus pandemic, which has rapidly swept across the world, has cast a spotlight on the fragility of our global network of supply chains. Now there is an urgent need not only to reinvent infrastructure surrounding traditional supply chains but also use the latest innovations and new technologies to make them fit for purpose in the post-COVID-19 landscape. Not only will we need to re-think global supply chains but also think through local supply chains as we move to more self sustained economies and ecosystems. We are excited to partner with Mount Parker to drive this change.” said Manav Gupta, CEO of Brinc.
Mount Parker is recognized as one of the leading venture capital funds specialising in logistics and supply chain focused startups in Asia. The VC fund was an early investor in startups including GoGoVan and Logflows, two successful providers of logistics services in the region.
GOGOX, formerly known as GoGoVan, is Hong Kong’s first unicorn and a company focusing on the movement of freight and goods in urban areas. The business, which launched in 2013, offered the first app-based logistics platform in Asia. It revolutionised van hire in the city, enhancing the booking process and speed at which transport could be found. Today, GOGOX has grown to cover 300 cities in Asia with a network of 8 million registered drivers.
Logflows is a Hong Kong-based technology company that develops a SaaS platform to help logistics companies, corporations and their subcontractors track delivery orders, intelligently plan routes, provide order data to drivers, deliver business and data analytics to customers, provide real-time billing and reconciliation, and more. Logflows provides real time track and tracing data and supply chain analytics to over 200 companies in 7 countries in Asia. Monthly orders processed by Logflows increased 5X in two years. Their clients include some of the largest logistics companies and conglomerates in the world.
Mount Parker aims to use the expertise and knowledge it has acquired through these startups to help the next generation of entrepreneurs achieve similar levels of success through Brinc.
“The global logistics industry is undergoing a fundamental digital transformation. Supply chains are now required to be flexible and agile, and customers are demanding granular insight into the sourcing of products.” said Jude O’Kelly, General Partner at Mount Parker Ventures. “At Mount Parker Ventures we are committed to supporting innovative startups driving the digitisation of the supply chain.”
The world’s population is expected to grow to 9.8 billion by 2050 and will be comprised of people who, on average, will live longer and procure goods in different ways than ever before. This leads to a pressing need to rethink every part of the supply chain to meet the growing demand. Alongside the increased supply required for a growing population, the pandemic upheaval proves the need for automation, digital platforms and contactless solutions, all of which were not of priority for logistic companies previously. From autonomous robots and drone delivery, to predictive inventory forecasting and manufacturing softwares, the industry will see continued traction.
The connected logistics market is expected to grow at a CAGR of 33% by 2023, with the APAC region forecasted to witness the fastest growth. The first quarter of the year saw a record high of deal activity, demonstrating the scope and potential of this sector to those with the right ideas, acumen and access.
This new program will be Brinc’s first dedicated Logistics and Supply Chain accelerator in Hong Kong. Hong Kong has a rich history of being a logistics hub and has been home to one of the world’s top 10 busiest ports over the last 20 years. Since the creation of the Greater Bay Area, the movement of goods and people in the region is poised to continue to grow with the population expected to be over 100 million by 2030. In order for the region to achieve its growth aspirations, a robust infrastructure with strong automation and talent will be required. This starts with investments in strong and experienced founders that can help provide these sustainable solutions.
Brinc’s thematic focus of supporting entrepreneurs that solve some of the world’s most pressing challenges are in line with the importance of investing in companies in logistics and supply chain today. Brinc already has a number of logistics and supply chain companies in their portfolio and their new program marks their commitment to grow this vertical. Notable portfolio companies within this industry include:
STYCKR is an end-to-end risk management solution offering a highly versatile and totally autonomous system that ensures information continuity by collecting and treating big data (geo-positioning, temperature, humidity, shocks, pressure, etc.). The company’s strong algorithm supervises fleets, predicts endogene & exogene risks, and detects malicious and fraudulent networks. STYCKR is a graduate of UC Berkeley’s SkyDeck accelerator program.
MyrLabs is an A*STAR spin-off that creates tech to enable next-gen robots. With current tech, these robots are likely to remain slow and constrained to purpose-designed areas. Their NaviStar positioning system aims to change that with its centimeter-level accuracy, 20Hz update rate, and server-free operation. With NaviStar, robots are freed from their fixed paths, can move at high speeds, and can operate in complex areas with glass and human+robot crowds. This means that NaviStar-equipped robots will be able to operate in non-traditional areas, unlock new use cases, and achieve higher productivity than their non-NaviStar equipped counterparts. MyrLabs is part of Brinc’s latest Greater Bay Area Hardware & IoT accelerator program.
Drone Delivery Systems has created AirBox Home, the first real IoT smart mailbox system. AirBox Home can be used by businesses to continue to serve the community in spite of social distancing with contactless deliveries. Businesses will place AirBox Homes outside their buildings. Customers place and pay for orders through their app then can collect their order through an assigned AirBox Home. The Drone Delivery Systems team recently ran successful pilots in Virginia.
On average, Brinc portfolio teams raise USD $800,000 post-program. Recently, Brinc portfolio teams Botsync, Aether Biomedical, and Grounded have successfully raised their latest funding rounds.
Mount Parker and Brinc believe that in the post-COVID era, startups aiding the COVID recovery will be prioritised for additional focus and growth opportunities. To support these startups, both Mount Parker and Brinc have a vast network of logistics and supply chain partners (corporates, investors, and experts) which founders can leverage for knowledge and guidance. Startups will learn from leading experts about industry best practices and how to avoid common points of failure.
Applications are open for the Logistics & Supply Chain Accelerator Program. The first program will begin in the Fall this year. More information is available online.
Mount Parker Ventures
Mount Parker Ventures are entrepreneurs investing in founders who are building the next generation of great businesses in Asia. Their team draws from years of experience working as entrepreneurs and in helping founding teams grow their businesses. Mount Parker Ventures leverages its global network of investors and business partners to help founders thrive in the challenging business environments in Asia. Learn more at www.mountparker.com.
Brinc is a different breed of venture capital and accelerator platform. Core to their business is the belief that some of the world’s biggest challenges can be solved by entrepreneurs, who they like to call GAME CHANGERS. Brinc believes that deep technology focused startups can fundamentally change how we move, what we eat, how we feel and where we live for the better if they are given the right backing. That’s what Brinc believes they are here for. To support and mentor founders and their teams from across the world and provide investment to help them grow.
Brinc currently operates ten multi-disciplinary accelerator programs across six countries and has made 144 investments. Brinc & Artesian have also come together recently to launch the BrincArtesian EMDE Access Fund which will also be able to provide follow on co-invest and provide follow on capital with Mount Parker Ventures once live. Learn more at www.brinc.io.