KUALA LUMPUR, Sept 13 (Bernama) — GOLOG, (Go Logistic) Malaysia first Integrated Mobile Internet Intelligent cold chain logistic platform has successfully obtained the CIP300 funding from Cradle recently. According to GOLOG Founder and CEO, Ivan Chin, they have applied for the funding since March 2019 and was one of the four finalist among the hundreds that applied for the funding. The CIP300 fund by Cradle is a pre-commercialisation programme which provides a conditional grant and value added assistance amounting up to RM300,000 for entrepreneurs. It is intended to kick-start innovative technology based start-ups to enhance and commercialize their products or services.
“Getting the CIP300 funding from Cradle is like a dream. It’s not just the opportunity to be funded but also the status that comes by being funded by Cradle, which is a benchmark by VC in the country. This means that GOLOG has been recognized as a startup with good potential,” Ivan elaborated further. As to what will be the funding be utilized for, Ivan said that 60% of the funds will be used for the commercialization of the platform as well scaling the business up. And while they are happy to receive the CIP300 funding, GOLOG isn’t resting on their laurels as they are also in the midst of raising seed funding to the tune of USD$1 million for further up scaling of their systems and market share expansion.
Source from BERNAMA