Quest Ventures leads $7m round for logistics startup Moovaz

Tech in Asia

The mobility industry, which is estimated to be worth US$80.2 billion globally, is plagued by opacity, manual processes, and a convoluted supply chain, according to Moovaz, a Singapore-based logistics startup that aims to revolutionize the sector.

For the relocation industry, customers tend to get price-discriminated due to the lack of transparency. Processes are also cumbersome, expensive, and slow due to a lack of digitalization, Junxian Lee, the founder and CEO of Moovaz, told Tech in Asia.

The startup just formally announced that it has received backing from venture capital firm Quest Ventures, the lead investor in its US$7 million series A funding round. Other investors include Supply Chain Angels and SGInnovate, among others.

Moovaz joins Quest Ventures’ portfolio which includes familiar startups such as Carousell, ShopBack, 99.co, Carro, StyleTheory, Glife, Xfers, and others. The Singapore-based VC firm recently hit the first close of its US$50 million fund aimed at post-seed and series A opportunities across Southeast Asia.

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