Singapore-based logistics startup Moovas has raised around $7 million in a fresh funding round, according to media reports.
The funding round for Moovas was led by venture capital firm Quest Ventures. Other investors who participated in the funding round include Supply Chain Angels and SGInnovate.
Quest Ventures’ portfolio which includes familiar startups such as Carousell, ShopBack, 99.co, Carro, StyleTheory, Glife, Xfers, and others.
Moovas will use the funding to expand in China, India, and Spain. Reportedly, the funds will also be used to double down on its product builds and develop new business units and services for expats and “global-locals.”
The startup aims to revolutionise the sector, which is plagued by a lack of transparency, digitalisation and a complex supply chain. The industry is estimated to be worth $80.2 billion globally. According to Junxian Lee, the founder, and chief executive at Moovaz, customers always face price discrimination due to the lack of transparency.
He said, “Relocating from one country to another is a huge logistic undertaking. You have to uproot everything, manage accommodation and travel plans, apply for visas, open new bank accounts. Basically move your entire life. Despite all the tech innovations out there, relocation services remain notoriously slow, expensive, and inefficient. As the world opens up, these challenges need to be addressed. Our goal is to use innovation to provide a complete moving solution for global citizens, and eliminate the headache that comes with moving your life.”
The startup, which was established in 2017 by entrepreneurs Lee Junxian and Jerry Chua, raised another undisclosed amount last month from Supply Chain Angels (SCAngels).
In 2019, the Singapore-based startup raised an undisclosed amount of investment from Hustle Fund, a venture fund investing in early-stage startups in the US, Canada, and Southeast Asia.