Thailand-based logistics startup Giztix has raised $10 million in its Series B funding round to improve its technology, media reports said. The funding round for the startup was led by Bualuang Ventures and WHA Group.
Other investors that also participated in the funding round for Giztix include AddVentures, the VC arm of Thailand-based conglomerate SCG and KK Fund. A new investor in CAC Capital was also onboarded.
The startup said in a statement, “The Covid-19 outbreak in 2020 and 2021 has encouraged businesses to increasingly turn to online services. As a result, the number of transport trips managed through the Giztix platform has increased by more than 420% or more than 500,000 transportation trips per year.”
According to the company, the funds raised will also be used to improve transportation services, expand its network and invest in its marketing and sales efforts.
Mr. Sittisak Wongsomnuek, chief executive officer and co-founder of GIZTIX said, “The road transport business in Thailand is worth more than $19 billion a year. There is an opportunity to grow even more. Thailand is also a strategic point for transportation and logistics in the region. But at the same time, most of the transportation business sector still lacks a digital system that will be an important part of connecting data and real-time communication.
“This is an important opportunity for GIZTIX to bring digital technology to help develop business in Thailand to be consistent. Go with the strategic plan for the development of transportation and logistics systems in Thailand in the future.”