“SCB 10X” invests in “MyCloudFulfillment”, supporting Thai startup in building new capabilities and expanding regionally

Stocks and Financial Services Press Releases Thursday October 8, 2020 16:23
Bangkok--8 Oct--Siam Commercial Bank

As part of “Moonshot Mission”, which aims to create long-term value through investing in high potential tech startups globally, SCB 10X has recently participated in MyCloudFulfillment’s Series A fundraising along with other prominent investors, including ECG, Gobi Partners and NVest Venture. MyClouldFulfillment aims to deploy the new capital to upgrade its data system to increase efficiency, enabling e-commerce operators to better manage inventory and sales, while allowing the company to use data for better predictive analytics. In addition, the company will use the funding to expand its business to support the rapidly growing e-commerce and logistics market locally, as well as prepare for regional expansion. Apart from investment capital, SCB 10X is planning to jointly develop solutions with MyCloudFulfillment to respond to the rise of social commerce and enable seamless online experience to both sellers and customers.

According to SCB 10X Chief Executive Officer and Siam Commercial Bank President, Dr. Arak Sutivong, “SCB 10X focuses on new ideas and new ways of doing things, through investment and innovation of technology that has potential for exponential growth. We also support Thai startups’ development and growth, as well as their expansion overseas. At present, Thailand has approximately 1,500 startups. Despite the Thai startup ecosystem remaining in its inception stage and being smaller compared to neighboring countries such as Singapore and Indonesia, there exists plenty of potential for growth opportunity with support from investors and the government’s Thailand 4.0 policy. During the COVID-19 pandemic, we have witnessed accelerated adoption of digital lifestyle by consumers. Gross merchandise value of online shopping via e-commerce and social media platforms has been growing exponentially, prompting increasing demand for end-to-end cloud inventory management systems. With on-line sellers facing demands for tailor-made fulfillment and logistics to win customer satisfaction, MyCloudFulfillment has greatly benefited and experienced strong growth similar to that of e-commerce and logistics industry.”

“SCB 10X is excited to be both an investor and a partner of MyCloudFulfillment, which has demonstrated speedy growth, and strong capability in introducing services responding to the need of online sellers. The company has strong growth prospects and is on the path to becoming a leader in fulfillment logistics regionally. Apart from SCB 10X’s investment in the Series A funding, our two companies are planning to work closely together to develop solutions responding to the rising demands of social commerce. The collaboration aims to enable seamless online experience to both sellers and customers,” added Dr. Arak.

Mr. Nithi Satchatippavarn, Managing Director of E-Empowerment Co., Ltd. and MyCloudFulfillment’s Co-Founder said that, “The E-commerce market in Southeast Asia has demonstrated high growth of 26 percent. Indonesia ranks first, with Average Revenue per User (ARPU) standing at 219 USD or approximately 6,856 baht per user per year, followed by Thailand at 215.67 USD or approximately 6,572 baht per user per year. However, Thailand still has a lower rate of Internet access than Indonesia, reflecting plenty of growth potential for Thailand’s e-commerce market. MyCloudFulfillment’s Series A fund raising worth 2 million USD has attracted interest from investors, such as ECG Research, Gobi Partners, NVest Venture, and SCB 10X, reflecting the confidence of investors viewing the company’s growth prospects. We plan to use the fund to improve the efficiency of our data management system to help e-commerce operators manage their inventories and sales even better and more easily than before. Data will be used for more accurate predictive analytics that can help build sustainable growth, while developing service capabilities for existing and new customers. It will also help business expansion by supporting the growth of the e-commerce and logistics market in the country, while readying the company for expanding its market to ASEAN in the next stage.”

About SCB 10X Co., Ltd.

Established in January 2020 under SCB Group’s “Moonshot Mission”, SCB 10X Co., Ltd. is a technology holding company under the SCB Group. The company focuses on technology, innovation, and investment to create exponential growth through three core businesses, comprising venture capital, venture building, and strategic investment and partnership. In addition, the Company is in charge of all technology companies under the SCB Group, comprising Digital Ventures Co., Ltd., SCB Abacus Co., Ltd., Monix Co., Ltd., and Purple Venture Co., Ltd., as well as tech companies that will be set up or receive investment in the future. For more information, please contact contact@scb10x.com.

About MyCloudFulfillment

MyCloudFulfillment is an end-to-end cloud inventory management company offering fulfillment services through Order Management Systems (OMS) and Warehouse Management Systems (WMS). The services allow retailers to manage stocks, packing, and shipping with application programming interfaces (APIs) on e-commerce platforms, such as Lazada, Shopee, and others, providing a combination of flexible services that can be customized to fit a variety of requirements, such as special packaging, QC, and value sets. The service also helps manage supply chains using predictive analytics to allow better management of purchase orders and sales data for improved decision making.

For more information, please visit https://www.mycloudfulfillment.com/ Tel.02-138-9920 / Facebook : MyCloudFulfillment, or LINE : @mycloudgroup.

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