Locad raises $11M Series A funding leads by Reefknot Investments
Logistics powerhouse locad is raising $11 million in a Series A fundraising round, which was led by Reefknot Investments, a firm with Temasek and Kuehne & Nagel as its anchor investors. Returning investors Sequoia India and Southeast Asia's Surge, Febe Ventures, and Antler joined the round as well as new investors Access Ventures, JG Summit, and WTI. With a cloud supply chain, logistics startup Locad, founded in 2020, gives ecommerce firms the ability to expand their omnichannel operations and automatically store, pack, ship, and track goods throughout Asia-Pacific.
The Singapore-based logistics startup will use the capital for its product development and build a talent pool in India. It also plans to expand its supply chain platform that allows modern consumer brands in Thailand and across Asia-Pacific to automatically store, pack, ship, and track orders in a distributed, end-to-end supply chain as-a-service.
“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 Bengaluru, where we have a strong team of developers and marketers helping grow the product and business end-to-end,” said Shrey Jain, CTO and Co-founder, Locad.
In 2021, Locad raised $4.9 million in a seed round led by Sequoia Capital India’s Surge, with participation from Antler, Febe Ventures, Foxmont, Global Founders Capital, Gokongwei Family, and Hustle Fund. The company claims to have served over 200 brands across Singapore, the Philippines, Thailand, Hong Kong, and Australia and made more than two million transactions.
“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," said Ervin Lim, Vice President of Reefknot Investments.
As users outside of Tier I cities may now receive their products 2-3X faster at a quarter of the normal cost, he continued, "We anticipate that Locad's logistics engine will stimulate broader involvement in the digital economy."
The Singapore-based logistics startup will use the capital for its product development and build a talent pool in India. It also plans to expand its supply chain platform that allows modern consumer brands in Thailand and across Asia-Pacific to automatically store, pack, ship, and track orders in a distributed, end-to-end supply chain as-a-service.
“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 Bengaluru, where we have a strong team of developers and marketers helping grow the product and business end-to-end,” said Shrey Jain, CTO and Co-founder, Locad.
In 2021, Locad raised $4.9 million in a seed round led by Sequoia Capital India’s Surge, with participation from Antler, Febe Ventures, Foxmont, Global Founders Capital, Gokongwei Family, and Hustle Fund. The company claims to have served over 200 brands across Singapore, the Philippines, Thailand, Hong Kong, and Australia and made more than two million transactions.
“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," said Ervin Lim, Vice President of Reefknot Investments.
As users outside of Tier I cities may now receive their products 2-3X faster at a quarter of the normal cost, he continued, "We anticipate that Locad's logistics engine will stimulate broader involvement in the digital economy."
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