Singapore-based logistics and supply chain management company Locad raised USD 11 million in Series A financing. The round took place on January 16, 2023. Fund anchored by Temasek and logistics powerhouse Kuehne & Nagel, Reefknot Investments led the financing for the company. Meanwhile, existing investors Sequoia Capital India and its Southeast Asia Surge fund, Febe Ventures, and Antler joined in the investment. Besides, new investors Access Ventures, JG Summit and Western Technology Investment provided the funding.
Purpose of financing for Locad
With the latest financing from Series A, Locad aims to expand its supply chain platform. Besides, the company seeks to boost the company’s product development and talent pool in India and across Asia-Pacific.
Moreover, Locad keeps adding warehouses, partnering with transport operators, and hiring talent for their Bangalore office.
Earlier, the company raised USD 4.9 million in seed financing. Sequoia Capital India’s Surge, with participation from Antler, Febe Ventures, Foxmont, Global Founders Capital, Gokongwei Family, and Hustle Fund, led the financing back then.
What the company’s co-founders have to say
Locad CEO and Co-Founder Constantin Robertz said, “Ultimately, our goal is to enable a frictionless movement of physical goods and data across the supply chain for any brand and merchant. This enables anyone to sell anywhere, on any sales channel, and deliver seamlessly. As modern consumer brands transform to direct-to-consumer and omnichannel retail, we have seen that the supply chain and fulfilment infrastructure are key barriers to scaling the business for many brands. The bar is only rising further due to higher customer expectations for fast delivery and the complexity driven by an increasing number of sales channels.”
He added, “Over the next five years, we expect to build the region’s largest network of warehouses, enabling next-day delivery in Tier 1 to 3 cities across the region, and make this available to brands and merchants in one integrated platform.”
In addition, Locad, CTO and co-founder Shrey Jain, said, “Omnichannel commerce demands a powerful logistics infrastructure to succeed. And that infrastructure is not only made of an interconnected network of warehouses and shipping carriers but also the precise data that reflects the movement of goods in that supply chain. Tech and data are at the heart of what we’re building here at Locad. To realise this, we’re doubling down on our hiring efforts in key locations such as Bangalore, where we have a strong team of developers and marketers helping grow the product and business end-to-end.”
What the investor has to say
Ervin Lim, vice president of Reefknot Investments, said, “Locad’s unique operating model of localising warehouses into the cities ensures that inventory is kept close to the customers, thereby enabling significant cost and time savings for both brand and consumer. We believe that Locad’s logistics engine will spur greater participation in the digital economy as consumers outside of Tier-1 cities can now receive their orders 2-3x faster at a fraction of the usual cost.”
About the company
In 2020, Founders Constantin Robertz, Jannis Dargel, and Shrey Jain co-founded the company. The company claims to have served more than 200 brands across the Philippines, Thailand, Hong Kong, and Australia and shipped more than 2 million transactions.
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