Singapore Logistics Startup Moovaz Raises US$7M Series A

Moovaz

The relocation logistics services provider is also looking to launch a fundraiser roadshow soon.

Moovaz is becoming a prime mover in the relocation logistics industry with its recent round of financing. Headquartered in Singapore, the self-styled “life movers” startup announced in a statement today that it has raised financing to the tune of US$7 million in a Series A round, with previous convertibles included.

Singapore venture capital firm Quest Ventures led the round, which also saw participation from supply chain conglomerate YCH Group and the Government of Singapore’s deep-tech investor SGInnovate.

Founded in 2018, Moovaz caters to the digital nomad lifestyle, which entails flexible work schedules, frequent travel, and constantly being on the move. The startup enables users to relocate internationally with ease through their mobility services. It utilizes automation, customer data, and its network of 2,000 global partners to provide relocation services to its customers, from packing and shipping, to insurance and WiFi.

The funds will be focused towards scaling business operations, expanding Moovaz’ global partner network, and bolstering its services portfolio. The company is specifically looking to utilize the funds to launch go-to market campaigns in new locations, expand its team, and raise more capital.

Australia, Hong Kong and China are the top new market priorities for Moovaz’s entry, Lee Junxian, Co-Founder and CEO of Moovaz, told Jumpstart via email. He added that the startup is looking to soft launch their fundraising roadshow within a year, depending on “greater clarity on the new normal” after the COVID-19 pandemic.

Elucidating the difficulties of relocating to another country, Lee said in the statement that it’s “a huge logistic undertaking. You have to uproot everything, manage accommodation and travel plans, apply for visas, open new bank accounts.”

Customers can get also get instant shipping prices and track their belongings on the Moovaz platform. The greater part of the startup’s customer base comes from the Asia-Pacific region, the statement noted.

“Despite all the tech innovations out there, relocation services remain notoriously slow, expensive and inefficient… 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,” Lee added in the statement.

The Series A round arrives a year after Moovaz raised an undisclosed amount from early-stage venture firm Hustle Fund, according to an earlier statement from the company.

In 2018, the startup also raised a seed round of $1 million from investors such as Mojo Partners, which is the office fund of Singaporean businessman and billionaire Ong Beng Seng’s family, and senior executives from American and Chinese tech unicorns.

The investment from Quest Ventures comes on the heels of the first close of the VC firm’s $50 million VC fund Asia Fund II. The fund received backing from Singapore’s Pavilion Capital and Kazakhstan-based QazTech Ventures, as well as entrepreneurs, C-Suite executives, Asian family business offices and founders, and institutional investors.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

How Is Technology Influencing the Food and Beverage Industry

How Is Technology Influencing the Food and Beverages Industry?

Food waste, sustainability and animal cruelty are some of the biggest challenges facing the food and beverage (F&B) industry nowadays. Like any other sector, the industry is dipping its toe into technology and innovations to seek solutions. While we are already seeing more food tech solutions in our everyday lives, like plant-based meat alternatives and food waste management startups.

3 Innovations for a Cleaner Environment You Never Heard Of

3 Innovations for a Cleaner Environment You Never Heard Of

Innovation in clean energy, sustainable infrastructure and eco-friendly solutions to environmental hazards are the need of the hour. The burden on the world’s natural recourses is immense, and it is high time we focus on renewability and diversification. While we are only scratching the tip of the iceberg, here are three innovations working to create an environment-friendly future.

How Can Entrepreneurs Overcome Loneliness?

How Can Entrepreneurs Overcome Loneliness?

Starting your own business is a project that will take over most of your life. You are straying away from the typical 9-5 jobs that your friends and family may have. The sheer effort you have to make to get a business up and running will leave you feeling lonely. While it might seem almost expected to feel lonely during your startup journey, loneliness is a slippery slope to several health conditions.

8 Techniques to Get Readers Rolling Right into Your Content

8 Techniques to Get Readers Rolling Right into Your Content

We’ve all been there. We’ve spent hours crafting the perfect blog post, article or white paper, but no one is reading it. Why? It could be for a million reasons, but often it’s because we’re not doing enough to get people to come to our content. In this article, we’ll learn about the eight techniques that will help you draw in readers and get your content read!

Amazon vs Flipkart Who Will Win Festival Sale War in India

Amazon vs. Flipkart: Who Will Win the Big Festival Sale War in India?

Amazon India and Flipkart, the two biggest ecommerce giants in India, have always been in a neck-to-neck competition for supremacy in the country. There is no better occasion to showcase their strength and take advantage of people’s shopping mood than during the Indian festive season, which begins in late September featuring various festivals, like Durga Pooja, Dussehra and Diwali.