Building a fulfillment network for cross-border eCommerce in Southeast Asia


Founded in 2015, Boxme is a fulfillment network in Southeast Asia that enables worldwide merchants to sell into the region without establishing local presence. Boxme offers last-mile delivery, international shipping, warehousing and fulfillment services. Boxme builds up its capability by partnering with local logistics partners (subject to revision). After over 2 years of operation, the model has proven to be successful, allowing the company to obtain gross revenue of $1.73 million for the first 10 months of 2017. 

When approaching Fast Forward Adivsors, Boxme was planning to raise funds to further develop its presence in Vietnam and Thailand as well as finance its expansion into four other Southeast Asian countries, namely Malaysia, Indonesia, Singapore and Philippines. Fast Forward Advisors helped Boxme to address some existing challenges for the fundraising round and helped the company to close an investment from one of the existing investors in the company.

Client: Boxme
Sector: Logistics
Product: Cross-border fulfillment 

Project summary

Service: Startup International Fundraising
Outcome: Raised Series A (undisclosed amount)

“FFA was of great support in addressing some open internal challenges in our organization and provided the best guidance I could hoped for during the investment preparation“

Loi Han | CEO | Boxme


The main problems of Boxme were a complicated organizational structure between the company and the venture builder as well as Lack of a clear value proposition for the latest company products and services.


  1. Problem/solution mapping & value proposition:  We reviewed the key problem statements for  cross-border fulfillment and mapped those with the latest product and services of Boxme, in order to design a compelling value proposition while being able to explain that clearly to potential investors
  2. Review of the company structure: Shortly after the beginning of the project, we realized the company structure could pose a threat for the fundraising since part of the business was carried out by an entity, not in the scope of the fundraising (belonging to the same venture builder). We therefore proposed a reorganization to simplify the corporate structure and the overall offering
  3. Data collection and analysis: We started working with Boxme on identifying all information gaps. While Boxme was experiencing interesting regional growth, they had very few insights on important elements of their business, such as merchant acquisition costs, CLTV, and margins. Together with the team, we defined methodologies to collect the data and we later analyzed it in order to prepare the pitch deck and financial model 
  4. Financial model and projections: As the business model of Boxme had various complexities (multiple products & services, different regional units) – we invested time to prepare a financial model covering all the business mechanics and that could be defensible in the eye of the investors – using all KPIs and current performances as base for the assumptions underlying the projections
  5. Investment readiness check-up: In order to prepare for the fundraising, we applied the FFA Investment Readiness Framework to identify all remaining information gaps to be solved by the company prior to contact potential investors. Some of the gaps were then closed by FFA with ad-hoc support (such as market research & opportunity quantification and competition analysis), while the remaining gaps have been closed by the Boxme team following FFA guidelines.


  1. Company restructuring: we worked with the company and the venture builder on restructuring the entities involved in the fundraising, in order to remove any possible obstacle during due diligence
  2. Investment-ready material: we developed a sound and defendable growth & investment plan with Boxme, clarifying the value proposition and setting clear milestones for the next investment round
  3.  Investment deal: Boxme closed an undisclosed investment from one of the previous investors – who decided to fund the next phase of growth after being convinced by the plans developed by Boxme and FFA.