Singapore logistics tech startup Moovaz snags capital from Hustle Fund

Photo from Moovaz's Facebook page

Singapore-based logistics startup Moovaz has secured an undisclosed amount of investment from Hustle Fund, a venture fund investing in early-stage startups in the US, Canada and Southeast Asia, according to a company statement.

The new funding comes around six months after Moovaz’s seed round in which it raised $1 million from a group of investors, including key personnel from Ong Beng Seng’s family office fund, Mojo Partners as well as senior operating executives from undisclosed American and Chinese unicorns.

Founded in 2017 by Lee Junxian and Jerry Chua, Moovaz uses big data, machine learning, and blockchain technology to carry out international relocation, local and corporate moves. The company aims to offer customers a level of transparency and open access to global mobility services worldwide.

The company says it looks to serve the world’s ‘digital nomads’ or people that work remotely but who require a high level of mobility, which it says accounts for over 38 per cent of the world’s workforce.

“What is interesting about the potential of Moovaz is the opportunity to transform moving by building relationships with digital nomads from the start of their move into a new geography. Moving an extremely fragmented industry which has often neglected customer experience and been slow to adopt technology,” said Shiyan Koh of Hustle Fund.

The company’s new investor Hustle Fund is a San-Francisco and Singapore-based VC fund that invests in pre-seed software startups. The fund was co-founded by two former 500 Startups partners, Eric Bahn and Elizabeth Yin, and is backed by Shanda, a global investment firm focused on the online gaming industry, messaging and communications company LINE, Korean search engine Naver and others.

The fund, which has invested in 40 companies across the US and Canada since September 2017, closed its first fund at $11.5 million in September last year.

Also Read:

Singapore’s logtech startup Moovaz eyes Asia expansion after securing $1m

US-based Hustle Fund closes first $11.5m fund anchored by China’s Shanda, Line and Naver

Singapore’s GIC to acquire two blocks in S Korean logistics complex for $570m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.