ZhenHub Snatches 3rd Place at K-Startup Grand Challenge, wins US$20,000
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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ZhenHub Aims to Revolutionize Logistics With the Sharing Economy
Now, ecommerce businesses no longer have to deal with a manual logistics industry where operations are costly, time consuming, and vulnerable to human error. ZhenHub has built a cloud-based platform which automates shipping with a single click and integrates with ecommerce giants, Shopify and Walmart Marketplace. A user-friendly logistics command center, ZhenHub simplifies logistics and saves up to 10 hours of work a week.
“The average business spends more than 40% of their time on logistics and operations, this time could be better spent growing your business and focusing on your core strengths. ZhenHub focuses on providing the most competitive rates. Where a traditional logistics provider needs a large number of personnel to generate quotes and manage operations, ZhenHub has automated this allowing us to pass on these cost savings to our customers,” says cofounder and CEO, Vince.
To provide an economical solution catered to each customer, ZhenHub created a shared economy within the logistics industry and partnered with 30 underutilized warehouses across 10 countries. Each warehouse provides storage, pick & pack, and shipping by land, sea, and air through various shipping partners.
“Today, logistics companies quote anywhere between 20% and 120% margins on their services. We’ve seen some outrageous quotes provided to us by prospective customers. ZhenHub uses our proprietary solution to both optimise the service for each customer and quote the best rates possible with margins as low as 2-5%. We can do this because our operations do not rely on excessive manpower and is automated for high efficiency.”
As ecommerce stores race to provide a seamless shopping experience with swift delivery at competitive rates, the logistics industry remains technologically outdated and slow to respond. With a disruptive platform and an integrated global network of warehouses and shipping partners, ZhenHub is a one-stop logistics solution for businesses that want things faster, easier, and cheaper to forge ahead.
ZhenHub has 11 employees and is headquartered in Hong Kong SAR. The company was founded in 2016 by two serial entrepreneurs, Vincent Poon and Sheldon Li, who have started and managed successful social enterprises and logistics businesses prior to launching ZhenHub. Within this short period of time, ZhenHub has already signed a memorandum of understanding with three global Third Party Logistics Providers. The team comprises of logistics veterans with a combined experience of over 50 years.
ZhenHub is looking to expand and acquire more warehouse space and expand internationally into Germany, Korea, and Taiwan.
To learn more about ZhenHub, visit www.zhenhub.com.
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Phone: +852 3152 2771
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