YCH Group, Singapore’s largest homegrown supply chain solutions company, announced an undisclosed Series A investment by its corporate venture arm, SCAngels, in Singaporean logistics startup Moovaz. The fresh funds will be put toward developing features that will simplify processes in the niche but highly lucrative global relocation industry.
Moovaz’s platform utilizes an interactive marketplace and machine intelligence to refresh the traditionally slow, expensive, and opaque processes involving multiple intermediaries of the relocation industry. Right now, the company has a global network of more than 2,000 partners that are certified moving service providers.
“Moovaz has clearly disrupted an industry that though fundamentally sound, is clearly due for rejuvenation. With their collaboration with SCAngels, they are given an advantage over their competitors in solving traditional challenges such as under-utilization of capacities and information asymmetry, which have constantly plagued the relocation industry,” said SCAngels partner and YCH Group chief investment officer, James Ong, in a statement.
On top of the investment, Moovaz will be able to utilize YCH’s business know-how and supply chain processes, as well as collaborate with YCH’s network of freight forwarding partners to realize operational efficiencies. SCAngels will in turn provide Moovaz with market access through multiple networks across Asia, mentorship with SCAngels’ industry experts, and technology and business collaborations.
As a co-investment partner of SCAngels, SGInnovate will also contribute to the funding, which is in tandem with Singapore’s Research, Innovation & Enterprise 2020 Plan (RIE2020). The partners identify and co-invests in Singapore-based startups with intellectual property and global market potential in the domains of services and the digital economy, aligning with the government’s push to cultivate smart logistics in the city-state.
“The global mobile workforce is set to grow to 1.8 billion people, and we are changing the way professionals and families embark on their new life adventures. We are immensely pleased to have the backing and support of Singapore’s largest homegrown supply chain solutions company,” said Moovaz CEO Lee Junxian.
The startup previously received USD 1 million in seed funding from Mojo Partners in June 2018, as well as an undisclosed amount from Hustle Fund in February 2019. Previously an offline moving service provider, Moovaz just started their online service a year ago.