China-based venture capital Gobi Partners and AirAsia’s cargo and logistics arm Teleport –previously known as RedCargo– announced on Tuesday plans to co-invest $10.6 million in the B round of Malaysian e-commerce and parcel delivery platform EasyParcel.
The funding will be used to expand the startup’s offering for small-and-medium-sized enterprise customers in existing markets like Malaysia, Indonesia, Singapore, and Thailand.
While the deal, announced at Gobi Partner’s Malaysian headquarters in Kuala Lumpur, may seem run-of-the-mill, it highlights a recent change in sentiment among Chinese venture capitals, which are attaching greater importance to the SEA market.
The Shanghai-based investor first set foot in the region in 2008.
Growing with a global vision, Gobi Partners manages over $1.1 billion assets and is gradually expanding its scope of investments outside of China to include countries such as Australia, the UK, Britain, Indonesia, Malaysia, Singapore, the US, and Thailand.
They are following the footsteps of their portfolios in doubling down on SEA expansion.