Singapore-headquartered enterprise software-as-a-service (SaaS) startup Quincus has bagged an undisclosed amount of funding from AEI HorizonX in the second tranche of its Series B round.
AEI HorizonX is a venture capital platform formed through a partnership between American private equity firm AE Industrial Partners and aerospace major Boeing.
The first tranche of Quincus’s Series B round was led by US-based electrification and mobility fund UP.Partners and GGV Capital in September, bringing its valuation to over $100 million.
Quincus did not disclose how much it has raised in Series B funding but its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show it has secured $15.75 million so far in the round. UP.Partners contributed $6.75 million, while GGV Capital invested $6 million.
ACRA filings only reflect the equity funding raised by a company so far. The round could be larger and have other components such as debt.
Quincus, which connects shippers, operators, and freight forwarders and automates shipping operations, said it will use the fresh capital to expand its business, particularly in the US. The Singapore-headquartered company maintains a presence in Indonesia, Malaysia, Mexico, Taiwan, Vietnam, UAE, the UK, and the US.
“As logistics operators plan their future fleets – from traditional freighter aircraft to autonomous vehicles – Quincus is uniquely positioned to help their customers open and optimize completely new routes by leveraging novel cargo delivery vehicles,” Beckett Jackson, a director at AEI HorizonX, said in a statement.
“With the backing of AEI HorizonX, Quincus not only gains additional capital but greater access to the deep operational knowledge and industry relationships that Boeing and AE Industrial have built over many decades,” said Quincus CEO Jonathan E. Savoir.
Savoir co-founded the company in 2014 with chief product officer Katherina Lacey.
Quincus had earlier raised $3.1 million in January this year from Masik Enterprises, Green Leafe Capital, Seasight Holdings, and Investigate VC as part of its Series A round.
In a previous media release, the company claimed to transact over 70 million shipments per month. It plans to grow its 100-employee-strong team to over 400 people to support its operations in its newly launched offices across Canada and the Middle East by the end of this year. It is also looking to enter the Americas, South Korea, and Japan by 2022.
In October, it added David Jen, the investment and finance team head of Alphabet’s innovation lab X, to its board.
Other logistics SaaS startups that raised funds this year include Singapore-based Parcel Perform, which raised $20 million in August, and India-based FarEye that raised $100 million in May.