International moving service provider Moovaz announced that it has secured a Series A investment from Quest Ventures. This investment is a part of the US$7 million Series A funding round that was announced earlier from Supply Chain Angels, SGInnovate as well as other strategic investors. The funding round also included convertibles.
Quest Ventures’ investment is a testament to its belief that the moving industry is burgeoning in Asia with 40 per cent of international relocations stem from Asia. It is estimated to be worth US$80.2 billion globally, with 75 per cent of companies polled are looking to increase their level of global assignments.
The increased cost-of-living in the developed countries, increased flexibility in immigration laws in key markets such as China, India, and Spain, as well as heightened economic activity in developing countries in Southeast Asia, are all key factors into the rise of the industry.
According to Lee Junxian, founder and CEO of Moovaz, the global mobility industry is still plagued by opacity, manual processes, and a convoluted supply chain. Consumers are often price-discriminated against with little to no visibility on the processes involved in the moving of their homes across borders.
Goh Yiping, Partner of Quest Ventures added, “Moovaz is disrupting a traditionally inefficient industry with a combination of technology and a fundamentally sound business model. They have spotted a viable gap in the market and it is our thesis that this will become an increasingly interesting opportunity to exploit.”
Along with the investment, Goh will join the board of directors of Moovaz.
Back in June 2018, Moovaz raised US$1 million seed round from a family office name MOJO Partners and executives from the American and Chinese tech industries. In February 2019, the company raised undisclosed funding from San Fransisco-based venture firm Hustle Fund.
Quest Ventures, an Asia-operated venture capital firm, is known to be an investor in Carousell, ShopBack, 99.co, Carro, StyleTheory, SGAG/ MGAG/ PGAG, Glife, Xfers, and others. Its latest fund, which participated in the Moovaz investment, is backed by institutional investors that include the sovereign wealth funds of Singapore and Kazakhstan.
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