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Logistics startup Moovaz bags Series A funding from SCAngels, SGInnovate

Logistics startup Moovaz bags Series A funding from SCAngels, SGInnovate

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2 -min read
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SINGAPORE-BASED logistics startup Moovaz has secured an undisclosed Series A investment from government-owned deeptech investor SGInnovate, and Supply Chain Angels (SCAngels).

SCAngels is the corporate venture arm of homegrown logistics player YCH Group. 

Besides funding, Moovaz will be able to tap YCH's business know-how, supply chain processes, and also collaborate with YCH's network of freight forwarding partners to realise operational efficiencies, SCAngels said in a press statement on Wednesday. 

In addition, SCAngels will provide Moovaz with market access through multiple networks across Asia, mentorship with industry experts, as well as technology and business collaborations.

James Ong, partner of SCAngels and chief investment officer of YCH Group, said: "Moovaz has clearly disrupted an industry that, though fundamentally sound, is clearly due for rejuvenation.

"With their collaboration with SCAngels, they are given an advantage over their competitors in solving traditional challenges such as under-utilisation of capacities and information asymmetry, which have constantly plagued the relocation industry."

As a co-investment partner, SGInnovate will also contribute to the funding round. This is in tandem with Singapore's Research, Innovation & Enterprise 2020 plan (RIE2020), SCAngels said. 

Last November, the Ministry of Finance noted that more than half of the S$19 billion earmarked for research and innovation under RIE2020 has been committed as at end-FY18, with the five-year plan on track to meet its industry project target.