Locad Raises $ 11 Million in Series-A Funding Round
According to reports, Logistics and supply chain management integrator Locad has raised $11 million in a Series-A funding round led by Reefknot Investments, a fund moored by Singapore’s Temasek Holdings and Switzerland-based transport and logistics company Kuehne & Nagel.
In the funding round the existing investors Sequoia Capital India and its Southeast Asia Surge fund, Febe Ventures, Antler also participated, besides Ventures, JG Summit and Western Technology Investment took part in the funding round.
The proceeds will help the Singapore-headquartered startup to expand its supply chain platform.
The company is adding warehouses, partnering with transport operators, and hiring employees for its Bengaluru office as per reports.
Cofounder and CEO Constantin Robertz says, “Currently, the Southeast Asian markets would account for about 80 percent of our transactions, with Australia being about 20 percent. 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.”
Locad’s platform was largely built by its technology and engineering team based in Bengaluru.
The platform synchronizes inventory across sales channels and coordinates end-to-end order fulfillment for B2C and B2B orders, from storage to delivery, through a network of warehouses and shipping partners.
Tech and data are at the heart of what we’re building here at Locad. To realize this, we’re 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
Shrey Jain, cofounder and chief technology officer says, “Tech and data are at the heart of what we’re building here at Locad. To realize this, we’re 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.”