December 6th, 2017—ZhenHub snatches 3rd place and a prize of USD$20,000 competing against 49 finalists at the prestigious K-Startup Grand Challenge in Seoul, South Korea.
K-Startup Grand Challenge is an annual Korean government program designed “to promote the expansion of an open entrepreneurship ecosystem in Asia and to assist Korea’s evolution into a prominent startup business hub in the region.”
ZhenHub was selected out of 1,515 teams applying from 118 countries as the only Hong Kong-based startup and the only tech-driven logistics startup to participate.
Since August 2017, a ZhenHub team has been stationed at Pangyo Techno Valley in Seoul to develop business in Korea. Major milestones for the team include securing warehouse space in Incheon, partnering with a freight forwarder in Busan, and securing a sales partnership with Korean analytics platform BICube. ZhenHub has also confirmed several customers specialized in the IoT, consumer electronics, AgriTech, and clothing industries in Korea.
“Korea is a top priority in our global expansion plan because of the country’s maturity in technology and its prominence in the global economy. With nearly a 50 billion dollar export market and over 90 billion dollars worth of imports from China – where we have a strong network of over 10 distribution and fulfillment centers – Korea is obviously the right place to be,” says Vincent Poon, CEO and Cofounder of ZhenHub.
As part of the expansion plan in Korea, ZhenHub will incorporate as a subsidiary by the end of 2017 and hire a team of logistics specialists with expertise in the region by the end of 2018.
“Thanks to the mentorship and network NIPA and Sparklabs provided us with, ZhenHub has been able to achieve so much in Korea in a very short period of time. It took the team many sleepless nights to get here and we are extremely excited for the journey ahead.”
ZhenHub Technologies Ltd. is a tech-driven logistics company headquartered in Hong Kong. The company allows ecommerce businesses to store, pick & pack, and ship products worldwide automatically through our extensive logistics network and cloud-based platform.
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