Asia's cold-chain logistics industry is expected to become a $162 billion industry by 2026, and Malaysian technology firm GoLog is at the forefront of it.
The firm, which expects to draw in over RM11 million in turnover this year, has just launched an equity crowdfunding (ECF) campaign to fundraise for accelerated growth.
Through the ECF campaign, GoLog will be able to officially raise funds from the public, allowing anyone to become shareholders in the company.
Unlike traditional logistics, cold-chain logistics caters to deliveries that are temperature sensitive — where products need to be kept in low temperature environments and delivered quickly to avoid damage.
In the past, the industry has been plagued by many problems — damaged goods, high costs, long waiting times, human errors, interrupted services, and plenty more.
To solve these challenges, GoLog provides a comprehensive solution powered by artificial intelligence and machine learning that automatically matches sellers with logistics service providers — ultimately ensuring products are delivered fresh, fast, and at lower costs than other services in the market.
This has not only been a game-changer in the industry, but boosting GoLog's revenues from a mere RM50k/year back in 2018 to over RM1.9 million in 2020.
With new funds from the ECF campaign, GoLog aims to strengthen their delivery fleets and set up cold-chain hubs across the country, all while investing heavily in technology allowing them to accommodate a higher volume of customers.
The goal is to ultimately become an end-to-end cold-chain logistics service provider that is highly efficient, affordable, and accessible to anyone.
In 2021, GoLog expects to grow revenues by over 10x as the market recovers from the global pandemic, and eventually raise a Series A round by year end.
According to GoLog founder, Ivan Chin, the company aims to go public within the next 3 years, and already has the participation of several strategic investors from large corporations.
GoLog is currently raising up to RM4 million (~USD $1 million) via a regulated equity crowdfunding platform, with the campaign expected to go live in March 2021.
"With the advent of technology, we believe the cold-chain logistics space is a multi-billion dollar market that is ripe for disruption. GoLog is at the forefront of this space, and looks towards becoming a major player in the coming years. With this ECF campaign, we'd love to welcome more strategic partners to be part of our journey, making it both an impactful and rewarding one", mentioned Ivan Chin, CEO of GoLog
Interested investors can obtain detailed information on the campaign via the official website here.
