Southeast Asia-based Locad, a logistics and supply-chain management integrator for cross-border e-commerce, has raised $7.89 million in a Series A funding round, showed regulatory filings accessed by DealStreetAsia.
Reefknot Investments led the round with a $4-million investment, according to Locad’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
Other notable investors include Sequoia’s Surge, which contributed $1 million through its Surge Ventures III, as well as FEBE Ventures, which put in $750,000. Meanwhile, Rocket Internet invested $604,000, while Antler contributed $250,000.
ACRA filings only reflect the equity funding received so far in a round and the overall funding round could be larger and have other components such as debt.
DealStreetAsia has reached out to Locad, Reefknot, Sequoia, Antler and FEBE Ventures for comment. While Reefknot declined to comment, the others were yet to respond by the time of publication.
Locad was founded in Manila and Singapore in October 2020 by Constantin Robertz, Jannis Dargel, and Shrey Jain. It combines an integrated technology platform with a network of warehouses and logistics partners.
The startup has fulfillment centres in Australia, Hong Kong, Thailand and Singapore, according to its website. It is currently preparing operations for fulfillment hubs in Vietnam, Malaysia and Indonesia.
The firm partners with several notable brands such as Havaianas, Payless, Vans, and Love, Bonito.
In July 2021, Locad raised $4.9 million in a seed funding round led by Sequoia Capital India’s Surge. Other investors that backed the startup include Global Founders Capital, Gokongwei Family and Hustle Fund.
Reefknot Investments was founded in 2018 as a joint venture between Temasek Holdings and global logistics company Kuehne + Nagel. In 2019, the firm launched a $50-million fund for logistics and supply-chain startups and has invested in at least four companies, including Indian shipment tracking startup Roambee and Hong Kong-based on-demand delivery services provider Pickupp.
In June, Sequoia Capital raised $850 million for its first fund dedicated to the Southeast Asia region. Surge was set up in 2019 with a $200-million fund size. Its 16-week programme for early-stage startups in India and Southeast Asia, launched in 2019, has grown into a community of 246 founders from 112 startups across more than 15 sectors.
Locad is part of Surge’s fifth cohort of 23 companies that have developed new digital solutions.