Technological disruption in the multi-trillion dollar logistics industry is shaping up to be a key driver in the fourth industrial revolution. Since 2013, equity financing in the logistics technology (logtech) industry has grown more than ten-fold, reaching a cumulative value of US$14.4 billion today.
Amidst the global logistics boom, Moovaz – a Singapore-based logtech startup that has carved a niche in international relocation – announced today that it has closed a US$1 million ($1.3 million) seed round, with high-profile individuals including key personnel from Ong Beng Seng’s family office fund (MOJO Partners) and senior operating executives from American and Chinese unicorns.
Commenting on the successful completion of this funding round, Co-founder and CEO, Lee Junxian said, “We structured the round to provide strong sounding boards for our various business units, and have achieved this by securing highly strategic investors who bring along vast industry experience. With the backing of this stellar panel of advisors and team, I have tremendous confidence in our current phase of growth.”
Operating in a largely traditional landscape, the logistics and relocation industry is plagued by slow, expensive and opaque processes involving multiple intermediaries. Moovaz has a bold vision to redefine the logistics of moving and relocating professionals – a promising market expected to be worth US$80 billion by 2021 – by building a one-stop online aggregator platform that fulfills all relocation needs.
As a user, one simply needs to input basic information such as the origin and destination addresses, move date and volume of move. The system then aggregates a list of service providers based on the given criteria.
Facilitated by the use of machine intelligence, blockchain technology and a proprietary vendor management system, Moovaz is set to usher in an unprecedented level of transparency, efficiency and democratisation of global mobility. The result is a more competitive market, allowing customers to enjoy faster and cheaper relocation services.
Melissa Ong, Director of Mojo, will be joining the advisory board to lend her dynamic leadership and experience to Moovaz. Melissa is also known for her stewardship of global brands such as Mulberry, Club 21, COMO Resorts and Hotels. Joining her are Matthew Chapman, Founder of ChapmanCG, a leading global executive search firm dedicated to human resource professionals, and Richard Koh, Chief Technology Officer of Microsoft Singapore.
Richard Koh said, “Having relocated multiple times in my career, I can understand the complexities behind the process. In the logistics industry, many moving parts are involved and unfortunately, there is a lack of visibility. There’s so much that I envision technology and blockchain can help to demystify this process, and I look forward to working closely with Moovaz to facilitate the development and adoption of blockchain into the logistics and relocation industry.”
Singapore is a prime market for global mobility services. The country is ranked amongst the top ten for inbound and outbound international assignments, with the trend set to continue into the new decade. For the third year in a row, the country has also been rated as the top expat destination to live and work in.
Matthew Chapman added, “Globally, talents are becoming more mobile and are seeking international opportunities in their careers. With a growing demand for transparent and efficient platform services, the need for disruptive technology in the global mobility industry has become very pronounced. Moovaz has rightly identified this market gap and is already leading the way by providing consumer-centric services that fulfill customers’ relocation needs.”
With this funding round, Moovaz will be building up its core platform and data analytics capabilities while gearing up for its regional expansion into Asia-Pacific.
Moovaz is an all-encompassing relocation service for the increasingly mobile citizen in the globalised world. Its all-in-one digital platform is revolutionising the logistics and international relocation industry by enabling a seamless and truly moving experience for everyone. Using smart technology and through its global network of over 2,000 certified partners, Moovaz is designed to offer customers an unprecedented level of transparency and open access to global mobility services worldwide. Together with a dedicated team, Moovaz is committed to deliver convenience and service excellence, first time, every time.
For more information, visit www.moovaz.com.