Singapore-based logistics technology startup, Moovaz, announced today it has secured US$1 million (S$1.3 million) in a seed funding round.
Investors included key personnel from Ong Beng Seng’s family office fund, Mojo Partners, and senior operating executives from American and Chinese unicorn startups.
Founded in 2017, the company specialises in international relocation facilitated by machine intelligence, blockchain technology and vendor management systems.
Moovaz will put this round of funding towards building up its core platform and data analytics capabilities while gearing up for regional expansion into the Asia-Pacific market.
“We structured the round to provide strong sounding boards for our various business units, and have achieved this by securing highly strategic investors who bring along vast industry experience,” said co-founder and CEO, Lee Junxian.
Equity Financing In Logtech Industry Worth US$14.4 Billion
The company will have Melissa Ong, Director of Mojo Partners, joining its advisory board.
She will also be joined by Matthew Chapman, founder of global executive search firm ChapmanCG, and Richard Koh, Chief Technology Officer of Microsoft Singapore.
According to Moovaz, equity financing in the logtech industry has grown more than ten-fold since 2013, reaching a cumulative value of US$14.4 billion today.
Ranking among the top ten for inbound and outbound international assignments, Singapore is a prime market for global mobility services.
Amidst the industry’s growth, Moovaz wants to refresh its traditionally slow, expensive and opaque processes involving multiple intermediaries with its one-stop online platform that fulfils all relocation needs.
Richard Koh said he envisions the use of technology will counter the lack of visibility in logistics by demystifying its processes.
“Globally, talents are becoming more mobile and are seeking international opportunities in their careers. With a growing demand for transparent and efficient platform services, the need for disruptive technology in the global mobility industry has become very pronounced,” said Matthew Chapman.
“Moovaz has rightly identified this market gap and is already leading the way by providing consumer-centric services that fulfil customers’ relocation needs,” he said.