Flash Group becomes Thailand’s first unicorn after raising $150m

Flash Group, a full service e-commerce logistics company, has become Thailand’s first unicorn after raising $150 million in Series D+ and Series E funding, according to an announcement.

The startup’s achievement comes barely three years into operations. It now seeks to become one of the top three logistics businesses in Southeast Asia within the next five years.

The Series D+ funding round was led by SCB10X, the corporate venture capital arm of Siam Commercial Bank, with the participation of Chanwanich Security Printing Company.

The Series E round was is led by Singapore based Founder’s Fund Buer Capital. All existing investors such as SCB10X, eWTP Capital, PTTOR, TCP Group’s Durbell, Krungsri Finnovate participated.

Flash provides logistics and other infrastructure for Southeast Asian e-commerce platforms. Flash Express is the core express delivery service that utilizes technology and big data to optimize efficiency and service.

Flash Fulfillment, on the other hand, offers warehousing and fulfillment solutions and has already accumulated many renowned international brands as its customers.

Additionally, the Thai company is in the process of preparing other value-added business lines and Southeast Asian expansion. The new funding will further support improvement in operations, technology development, and other service expansion.

“Firmly, key strategies will focus on one-stop service for e-commerce business in Thailand and overseas. We will concentrate on our original intention to begin the business expansion in Southeast Asia first,” said Flash Group CEO and founder Komsan Lee.

Lee, a young Thai businessman, founded Flash, which now handles a daily peak parcel volume of 2 million iteams. He was born into a poor family of Chinese descent in Doi Wawee in the northern province of Chiang Rai, the Bangkok Post reported.

“With our confidence of having good business partners will build a good and strong business fundament, then grow sustainably,” Lee, 29, said.

Unicorns are tech businesses valued at $1 billion or more.