Singaporean logistics startup Moovaz announced on Monday that Quest Ventures is leading its USD 7 Million Series A founding round. Supply Chain Angels and SGInnovate were also taking part in the round, as reported earlier.
Moovaz attempts to answer the opacity problem in the global mobility industry by offering customers transparency and open access to mobility services worldwide through their platform. The company currently has over 2,000 certified partners in its global network, to ensure a seamless moving experience for its customers.
The moving industry is a growing market and estimated to be worth USD 80.2 billion globally, with 40% of international relocations stemming from Asia, according to the company. It is driven by increased cost-of-living in the West, increased flexibility in immigration laws in regions such as China and India, as well as heightened economic activity in developing countries in Southeast Asia.
“We like that Moovaz is disrupting a traditionally inefficient industry with a combination of smart technology and a fundamentally sound business model. They’ve spotted a viable gap in the market,” said Quest Ventures partner Goh Yiping, who joins the company’s board of directors.
“We are ecstatic to have the backing of Quest Ventures. Not only do they have an immaculate record of backing disruptive companies, they also have deep operational experience having been successful entrepreneurs themselves,” said Lee Junxian, founder and CEO of Moovaz.
Other than Moovaz, Quest Ventures is an investor in the e-commerce startups Carousell, ShopBack, 99.co, and Carro. Its latest fund is backed by institutional investors, including Singapore’s Pavilion Capital and the Kazakhstan sovereign wealth fund, QazTech Ventures.