Singapore-headquartered logistics start-up Locad has raised $11 million in a Series A funding round led by Temasek and Kuhene& Nagel. Sequoia India, Surge, Febe Ventures, Antler, Access Ventures, JG Summit and WTI also participated in the investment round.
The company will utilise the fund for its product development. Additionally, the company is eying to expand its supply chain platform.
Founded in 2020, the e-commerce platform bagged $4.9 million in 2021 in a seed round anchored by Surge. Antler, Febe Ventures, Foxmot, Global Founders Capital, Gokongwei Family and Hustle Fund joined the round.
Talking about the latest development, Shrey Jain, the co-founder and chief technology officer ( CTO), said, “Tech and data are at the heart of what we’re building here at Locad. To realise 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."
Addressing their decision to invest in the company, Ervin Lim, the vice president (VP) of Reefknot Investment, said, “Locad’s unique operating model of localising warehouses into the cities ensures that inventory is kept close to the customers, thereby enabling significant cost and time savings for both brand and consumer."
"We believe that Locad’s logistics engine will spur greater participation in the digital economy as consumers outside of Tier I cities can now receive their orders 2-3x faster at a fraction of the usual cost,” he added.
The company has claimed to serve more than 200 companies across Singapore, the Philippines, Thailand, Hong Kong and Australia.