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

Photo from Moovaz's Facebook page

Moovaz, a Singapore-based logistics technology (logtech) startup that specializes in international relocation, announced that it has secured a $1-million seed funding from a group of investors, including key personnel from Ong Beng Seng’s family office fund, Mojo Partners.

The seed investment round was also joined by senior operating executives from undisclosed American and Chinese unicorn startups, Moovaz said.

Founded in 2017 by Lee Junxian and Jerry Chua, Moovaz said it utilizes big data, machine learning, and blockchain technology to carry out international relocations, local moves, and corporate moves.

With the latest funding round, Lee, who is also company CEO, said Moovaz will be further building on its core platform and data analytics capabilities while gearing up for expansion into Asia-Pacific.

“We structured the round to provide strong sounding boards for our various business units, and have achieved this by securing highly strategic investors who bring along vast industry experience,” said Lee.

The seed funding sees Melissa Ong, Director of Mojo Partners, join Moovaz’s advisory board. She will be joined by Matthew Chapman, founder of global executive search firm Chapman CG, and Richard Koh, Chief Technology Officer of Microsoft Singapore.

Singapore is a prime market for global mobility services. According to Moovaz, the country is ranked among the top ten for inbound and outbound international assignments, with the trend set to continue into the next decade.

Since 2013, equity financing in the logtech industry has grown more than ten-fold, reaching a cumulative value of $14.4 billion today. Moovaz said the logistics of moving and relocating professionals is a promising market expected to be worth $80 billion by 2021.

“Globally, talents are becoming more mobile and are seeking international opportunities in their careers. With a growing demand for transparent and efficient platform services, the need for disruptive technology in the global mobility industry has become very pronounced,” Chapman of Chapman CG said.

In January of this year, Singapore-based Ezyhaul, another logtech startup that also operates in Malaysia, closed an S$1.2 million (about $896,000) seed investment from a group of undisclosed players in the logistics industry.

Singapore’s state investment firm Temasek Holdings and Kuehne Nagel International AG, a global logistics group, also announced plans to establish a 50:50 joint venture entity that will have the mandate to invest in early-stage logistics technology companies.

Investors’ interest in the logtech space comes at a time when logistics providers are expanding their Southeast Asia road freight networks, following robust China-ASEAN trade growth in a market worth $472 billion as of 2015.

Indonesia and Thailand are likely to see robust development in their logistics sectors in the 2017-2020 period, as manufacturing is migrating out of China and into these countries, according to reports.

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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.