In a Reefknot-led Series-A funding round, Singapore-headquartered logistics and supply chain management integrator Locad recently raised $11 million. It saw participation from several investors, like Sequoia Capital India, Febe Ventures, Antler, Access Ventures, JG Summit, and Western Technology Investment.
When asked about the same, Constantin Robertz, co founder and CEO, Locad, said, “Currently, the Southeast Asian markets would account for about 80 per cent of our transactions, with Australia being about 20 per cent. For the next year, we are seeing growth across all of these markets, with specific emphasis on Singapore, which is often the gateway for new brands entering the region.”
Adding to the same, Shrey Jain, cofounder and Chief Technology Officer, Locad, said, “Tech and data are at the heart of what we are building here at Locad. To realise this, we are doubling down on our hiring efforts in key locations such as Bengaluru, where we have a strong team of developers and marketers helping grow the product and business end-to-end.”
Talking about the same, Ervin Lim, vice president, Reefknot Investments, commented, “We believe that Locad’s logistics engine will spur greater participation in the digital economy as consumers outside of Tier-1 cities can now receive their orders 2-3x faster at a fraction of the usual cost.”