SMESpotlight

YCH invests in storage start-up

Spaceship founder and CEO Yeo Zhi Wei (left) with Mr James Ong, who is on the SCAngels investment committee. SCAngels, or Supply Chain Angels, is the venture arm of logistics company YCH Group.
Spaceship founder and CEO Yeo Zhi Wei (left) with Mr James Ong, who is on the SCAngels investment committee. SCAngels, or Supply Chain Angels, is the venture arm of logistics company YCH Group.PHOTO: YCH

Logistics company believes Spaceship has potential to disrupt self-storage industry

The venture arm of logistics company YCH Group is investing an undisclosed seven-figure sum in Spaceship, a start-up that offers on-demand, pay-as-you-use storage for individuals and small businesses. 

Supply Chain Angels (SCAngels), YCH's venture arm, yesterday said Spaceship will get access to the company's infrastructure, expertise and contacts.

It added that it believes Spaceship has the potential to disrupt the self-storage industry.

Using Web and mobile applications, Spaceship digitally handles the entire end-to-end process - from storage to transportation. Goods are stored in a secure facility and, with the exception of fragile items, are insured free of charge against fire and theft. Users can get items returned to their offices or homes with a few clicks.

"On-demand storage represents an addressable market in Singapore. Yet, much of this market remains untapped," said Mr James Ong, who sits on the SCAngels investment committee.

Spaceship founder and chief executive Yeo Zhi Wei said: "With the investment, we can better enhance our technology stack and product to include features like smart scheduling for fleet management, real-time sensors for temperature and humidity and enhanced inventory systems.

"With the new enhancements, we'll be able to meet the needs of SMEs (small and medium-sized enterprises) and propel our business more swiftly in Singapore and beyond."

YCH said in a statement: "Consumers and SMEs alike are often challenged by expensive or limited space, sub-optimal inventory management and inefficient transport management of their goods.

"Available resources are often under-utilised at businesses. Spaceship aims to leverage on technology to allow for the effective use of these untapped resources."

A version of this article appeared in the print edition of The Straits Times on March 15, 2017, with the headline 'YCH invests in storage start-up '. Print Edition | Subscribe