Singapore Logistics Startup Moovaz Raises US$7M Series A
The relocation logistics services provider is also looking to launch a fundraiser roadshow soon.
By Sharon Lewis
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.