Logistics startup Moovaz raises US$7m in Series A round led by Quest Ventures

SINGAPORE-BASED Moovaz has raised US$7 million in a Series A funding round led by venture capital firm Quest Ventures.

The funding round saw the participation of other investors such as government-owned deep-tech investor SGInnovate and Supply Chain Angels (SCAngels) - the corporate venture arm of homegrown logistics player YCH Group.

Both had previously made investments of undisclosed amounts in the logistics startup.

The startup will use funds raised to tap the burgeoning Asia relocation market. It also looks to disrupt the traditional moving industry, Moovaz announced on Monday.

Lee Junxian, Moovaz founder and chief executive, said Quest Ventures has an immaculate record of backing disruptive companies and deep operational experience having been a successful entrepreneur.

Quest Ventures partner Goh Yiping, who joins Moovaz's board of directors, said that Moovaz is disrupting a traditionally inefficient industry with a combination of smart technology and a fundamentally sound business model.

"They've spotted a viable gap in the market and it is our thesis that this will become an increasingly interesting opportunity to exploit," she added.