Singapore, 27 August 2018 – Singapore’s home-grown container haulage start-up Haulio has raised S$1 million in seed round investment, led by PSA unboXed together with 500 Startups, NUS Enterprise and several logistics industry angel investors in May 2018. This seed funding comes after their previous pre-seed round of S$75,000 from returning investors PSA unboxed and NUS Enterprise, which is the sole prior funding round raised by Haulio. Additionally, Haulio will be exhibiting with TechInnovation Singapore 2018, held from 18th to 19th September 2018.
Haulio, which was previously incubated by PSA unboXed, will be using this fresh injection of funds for rapid scaling of the business and targets, with the capturing of the local market in sight, as the start-up aims to unite a traditionally fragmented shipping and logistics industry. Founded in December 2016 by Alvin Ea and Sebastian Shen, Haulio is a centralised, collaborative platform designed for the container haulage industry to optimise and share their resources in preparation for Industry 4.0. The B2B platform rethinks the way containers are moved and aims to be the most reliable and efficient way to ship a container on land.
Currently Haulio has over 200 companies onboard the platform, with over 80 hauliers1 and over 100 freight forwarders and end customers. They bring over a fleet of more than 1,000 trucks to the platform, having moved over 35,000 TEUs2 equivalent to over half a million tonnes of cargoes since their launch in May 2017 and an average of 200 containers daily for their users to date.
Singapore’s shipping and logistics industry is ranked by the World Bank as Asia’s top logistics hub for a decade now and is expected to create S$4.5 billion in value add for Singapore by 2025. As such, digitalization brought in by companies like Haulio is necessary to cement the success of Singapore’s logistics sector.
“There is desire in the industry for change – which is where Haulio comes in to target this unexplored potential with collaborative technology.” says Alvin Ea, co-founder and CEO of Haulio, who was previously a 2nd generation family business owner and started his own haulage business prior to this. “We are solving a major problem in the industry - strain on infrastructure and insufficient facilities during peaks with underutilization during lull periods. We’ve only just begun our journey with less than 1% done; the rest of the 4,000 ports in the world awaits.”
Elton Fong, Team Lead of PSA unboXed, commented, "Haulio is in line with PSA's vision for the container port of the future, a part of which is increased connectivity with the logistics and supply chain industry and greater productivity for all stakeholders involved." Additionally, Khailee Ng, Managing Partner of 500 Startups from Silicon Valley also expressed positive sentiments regarding Haulio’s potential through his global exposure: “Having invested in over 20 international markets, we’ve seen how simple ideas can catch fire and spread globally, fast. We saw this in investments like Grab. When we met Haulio, we knew, this is it.”
1 There is a total of 230 hauliers in the whole of Singapore.
2 Twenty-Equivalent Units
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Founded in 2016, Haulio is a centralised, collaborative platform designed for the container haulage industry to better optimise their resources through better handling of the peaks and troughs of the business. The B2B platform pools together the port, hauliers and customers to match incoming hauling requirements to available hauliers. Haulio provides an immediate solution to key problems in the industry of logistics players, namely the huge strain on infrastructure and insufficient facilities during peaks, in addition to underutilization during lull periods. By pairing demand and supply more efficiently in a systematic way, Haulio encourages collaboration amidst competition.
Currently Haulio has over 200 companies onboard the platform, with over 80 hauliers1 and over 100 freight forwarders and end customers. They bring over a fleet of more than 1,000 trucks to the platform, having moved over 35,000 TEUs2 equivalent to over half a million Tonnes of Cargoes since their launch in May 2017 and an average of 200 containers daily for their users to date.
About PSA unboXed:
PSA unboXed is PSA International’s corporate venture capital arm that invests in start-ups with innovations that bring strategic value to PSA. They aim to create new value for the stakeholders in the container logistics industry by exploring new opportunities through collaborative integration of LogTech with trade and FinTech (financial technology) solutions. With this direction, they desire to increase port productivity, and enhance the integration, security and efficiencies of the global supply chain logistics. The PSA unboXed Incubator Program seeks to invest in and nurture start-ups that are keen to create innovative logistics solutions fusing information and communications technology including IoT (Internet of Things), cloud, data analytics and AI (Artificial Intelligence.)