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.

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