Filipino-Founded Startup Expedock Raises P747 Million in Series A Funding

The startup was co-founded by Filipinos in their early 20s. Now, they’re modernizing the supply chain industry.

Filipino-founded supply chain startup Expedock has secured $13.5 million (P747 million) during its recent Series A funding. This brings the startup’s total funding amount to $17.5 million (P969 million) as of 2022.

Expedock’s Series A round was led by Insight Partners, and participating investors include Neo and Pear. Executives from Salesforce, Meta, eBay, Clearmetal, and Project44 also took part in the round. MOL, Wilhelmsen, and HHLA also participated through Motion Ventures. The funds from the latest fund of rounding will be used to expand the startup’s manpower and operations.

Founded in 2019 by three 20-somethings, including two Filipinos, Expedock is only P4 million shy of raising a total of P1 billion just three years since its inception. Just last year, Expedock raised $4 million (P192 million) during its seed round.

The global supply chain fell apart during the COVID-19 pandemic, and recovery is slow-going. Containers have been stuck at ports for weeks, geopolitical issues have only exacerbated the problem, and slow tech innovation in the industry has only slowed things down.

Expedock is solving the problem by using AI to transform documents into data and making paperwork a fast and efficient process for everyone. By automating invoices, entry, reconciliation, and posting, supply chain experts can focus on moving goods. Expedock prides itself on giving supply chain companies the opportunity to build efficiency and profitability, saving everyone time and money.

“Expedock is reinventing how supply chain businesses are able to harness their own data. Given our 600 percent growth this past year, we are going to do even better by bringing on engineers to expand our use-cases and our account executives to support more customers,” said King Alandy Dy, co-founder and CEO of Expedock.

Startup Led by 23-Year-Old Filipino Stanford Grad Raises P192 Million in Seed Round Funding
The global supply chain fell apart during the COVID-19 pandemic, and recovery is slow-going. Containers have been stuck at ports for weeks, geopolitical issues have only exacerbated the problem, and slow tech innovation in the industry has only slowed things down.

Co-founded by CEO Dy, COO Jeff Tan, and CTO Rui Aguilar, the San Francisco-based startup is aiming to modernize the freight forwarding industry by using AI to automate time-consuming tasks.

“Insight’s bread and butter is software companies driving transformative change in their industries, and that’s exactly what Expedock is doing in the international freight industry. We’re thrilled to partner with King on this exciting chapter in the company’s ScaleUp journey,” said Connor Guess, Senior Associate at Insight Partners, who will be joining Expedock’s board.

Expedock currently works with major brands in the global supply chain industry, such as Wayfair, ClearFreight, JUSDA, and Ascent, a subsidiary of Roadrunner Freight, all of which attest to the startup’s impact on their respective businesses.

“We love that Expedock service required much less set-up from our side. We now embed Expedock into our workflows and are looking for ways to increase projects with them so we can grow our business without adding headcount.” said Sara Ireton from Ascent Global Logistics.

“Expedock helped us gain visibility on our margins upon billing and pay our vendors on time. We previously had a rolling backlog of 3 weeks for invoice entry and audit. With Expedock, we no longer lose trucking capacity due to late vendor payments,” said Jack Chang from JUSDA, a logistics company that works with Apple, Samsung, Sharp, and more.

Source: esquiremag.ph

Filipino-Founded Startup Expedock Raises P747 Million in Series A Funding

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