Logistics startup Locad raises US$9 million in pre-Series B funding
Global Ventures and Reefknot Investments co-lead the round
LOGISTICS startup Locad has bagged US$9 million in pre-Series B funding to expand its supply chain platform overseas, as well as for artificial intelligence (AI) development.
The round was co-led by Global Ventures and existing investor Reefknot Investments, a 50:50 joint venture between Temasek and global logistics company Kuehne+Nagel.
The round also saw participation from Sumitomo Equity Ventures, Antler Elevate, Febe Ventures and JG Summit.
On Wednesday (Nov 20), Locad said that the capital raised will be used to venture into the United Arab Emirates and Saudi Arabia in the fourth quarter of 2024.
The funds will also be used to enhance the startup’s AI-driven smart logistics capabilities, added the Singapore-based company.
Locad’s platform syncs inventory across sales channels such as Shopify, Shopee, Amazon and TikTok Shop.
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It also enables brands to store, pack, ship and track their orders in a distributed, end-to-end supply chain as-a-service.
Constantin Robertz, chief executive and co-founder of Locad, said that over the last four years, the company has built a cloud supply chain platform in the Asia-Pacific region that allows customers to operate more efficiently.
Currently, Locad serves more than 300 consumer brands across South-east Asia and Australia. Therefore, the global expansion into the Gulf states and the US opens additional markets for those brands using Locad’s platform, said the startup.
Noor Sweid, founder and managing partner of Global Ventures, noted: “We are confident Locad is well-positioned to capitalise on opportunities in rapidly evolving markets… embodying the future of agile and sustainable logistics.”
Last year, Locad secured US$11 million in Series A funding to expand its supply chain platform to build “the region’s largest fulfilment network” over the next five years. Capital raised from that round was also used to add warehouses, partner transport operators and hire talent across the Asia-Pacific region.
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