Singapore-based logistics startup Moovaz has officially announced that Quest Ventures led its $7 million Series A round that was announced earlier with Supply Chain Angels, SGInnovate, other strategic investors as well as earlier convertibles.
According to an announcement, Quest Ventures’s latest fund which is participating in the Moovaz investment is backed by institutional investors that include the sovereign wealth funds of Singapore and Kazakhstan.
Founded in 2017 by Lee Junxian and Jerry Chua, Moovaz specialises in relocation, logistics, freight and also warehousing solutions.
Using smart technology and through its global network of over 2,000 certified partners, Moovaz is designed to offer customers an unprecedented level of transparency and open access to global mobility services worldwide.
Last month, the logistics startup said that it secured an undisclosed sum in a Series A funding round from Supply Chain Angels (SCAngels), the corporate venture arm of YCH Group.
In 2019, Moovaz secured an undisclosed amount of investment from Hustle Fund, a venture fund investing in early-stage startups in the US, Canada and Southeast Asia. Singapore government-owned firm SGInnovate also joined in this round as a co-investment partner.
Quest Ventures is a Singapore-based venture fund for companies that have scalability and replicability in large internet communities.
Its portfolio of 50+ venture-backed companies operates in more than 150 cities across Asia, such as Carousell, ShopBack, 99.co, Carro, StyleTheory, SGAG/ MGAG/ PGAG, Glife, Xfers, and others.