Moovaz, a Singapore-based logistics platform that helps people relocate internationally, has secured a leading investment from Quest Ventures as part of its US$7 million Series A funding round.
The round was previously joined by Supply Chain Angels, SGInnovate, and other strategic investors.
An investment from Quest Ventures, which has backed giants like Carousell, Shopback, and 99.co, now further validates Moovaz’s position as a disruptive market leader.
“We like that Moovaz is disrupting a traditionally inefficient industry with a combination of smart technology and a fundamentally sound business model,” said Quest Ventures Partner, Goh Yiping.
“They’ve spotted a viable gap in the market and it is our thesis that this will become an increasingly interesting opportunity to exploit,” she added.
Moovaz is solving the problem that consumers often face price-discrimination and get “no visibility on the processes involved in the moving of their homes across borders”.
People planning their relocation can get an estimate of the moving cost on Moovaz’s one-stop digital platform, and rely on a network of 2,000 certified international partners.
The startup has also created a self-inventory shipment system, Moovaz Mini, that lets users get instant shipment prices and have full visibility and control over their items.
Despite the COVID-19 crisis, Moovaz continues to serve users and will still be fulfilling shipments, packing and unpacking services.
They have also expanded their storage capacity and reduced storage prices to help customers who need to leave items on hold due to delayed travel plans.
Developing New Moving Services And Eyeing Regional Expansion
The burgeoning global moving industry is estimated to be worth US$80.2 billion. About 75 per cent of companies are looking to increase their global assignments, and 40 per cent of international relocations stem from Asia.
This is driven by increased cost of living in the developed West, increased flexibility in immigration laws in markets like China, India and Spain, as well as heightened economic activity in developing countries in Southeast Asia.
Moovaz founder and CEO Lee Junxian shared that they will use the funds to double down on existing products, and develop new business units and services for expats and “global-locals”.
The startup is also eyeing regional expansion with Hong Kong, Australia and China earmarked.
“We are confident of this partnership [with Quest Ventures] and look forward to redefining the business of human mobility for the 1.8 billion globally mobile people around the world,” Junxian added.
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