The Logistic Firm Locad has announced that it has secured an amount of 11 million US dollars in series A funding round on Monday,16th January 2023.The Series A funding round for the logistic company was led by the global Venture Capital firm empowering the start ups related to logistics and supply chains Reefknot Investments.
Investors Present for the Locad
Besides Reefknot Investments, several other firms were also present which are the existing investors for the company including the Singapore based Febe Ventures, the Early stage investing company, India based venture capital firm Sequoia Capital and its South Asian Surge, global venture company for early-stage funding Antler, Access Ventures, Western Technology Investment and JG Summit.
The company said that the funds gathered in the recent funding round will be utilised to extend the supply chain portfolio of the company. Apart from this, the company also focuses on putting up new warehouses and on boarding fresh employees and also aims to join hands with transport operators for the company’s branch based in Bengaluru, India.
Concerning the fund secured, the Chief Executive officer and the Co-Founder of the Logistic Company Locad said that the Southeast Asian Market at present would be valued up to 80 percent of the total transactions made by the company with Australia alone be accounting up to 20 percent. The chief Executive officer also added in his statement that in the next Fiscal year, the company wishes to witness the growth throughout all the markets and especially from Singapore.
About the Company Locad
The logistic Supply chain based start up was established in the year 2020 by the Co-Founders Shrey Jain the Chief Technology officer of the company, Constantin Robertz the Chief Executive Officer of the company and Jannis Dargel the Chief operating Officer of the company. The Headquarters of the company is based in Singapore.
The company has its branches based in Australia, Manilla, India and Hong Kong. The company offers cloud software platform in order to make it easy for the customers to get real-time experience across the platform of Locad. The company has also secured an amount of 4.9 million US dollars from the angel investors in seed funding round in the month of July of the year 2021.
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