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Singapore-based e-commerce logistics startup Locad secured USD 9 mn in its pre-series B funding round to fuel its expansion into the UAE and Saudi Arabia in 4Q 2024, according to a press release. The round was co-led by Global Ventures, alongside existing investor Reefknot Investments. Other participants in the round include Sumitomo Equity Ventures and other current investors such as Antler Elevate, Febe Ventures, and JG Summit.
The details: The platform will allow customers in the GCC to use its network of regional fulfillment centers, as well as use the shipping engine to connect with local shippers, find inventory, and manage order fulfillment. It will also be available to customers outside of the GCC looking to grow their local presence.
About Locad: Founded by Constantin Robertz (LinkedIn), Jannis Dargel (LinkedIn) and Shrey Jain (LinkedIn) in Singapore, Locad is a logistics engine for e-commerce, providing a cloud supply chain platform that automates storage, packing, shipping, and tracking for B2C and B2B channels. It synchronizes inventory across platforms and manages order fulfillment via a network of warehouses and carriers, and also provides demand, inventory and carrier analytics. The startup currently serves some 300 brands across Southeast Asia and Australia.
OTHER STARTUP NEWS-
Emirati Citadel International Holdings led a USD 3 mn series A round for Egyptian homeware brand ariika, alongside Beltone Venture Capital, Beltone Financial Holding’s venture capital arm, according to a press release (pdf).
Where is the money going? The funds will support ariika’s expansion in its home market and help strengthen its presence in Saudi Arabia and Iraq, which are expected to account for half of the company’s consolidated business by 2025. Ariika recently opened a flagship store in Baghdad and plans to launch its first Saudi Arabia location in January. The funds will also be channeled into developing its product portfolio and executing go-to-market strategies as part of its efforts to tap into a USD 20 bn home and decor market in the MENA region.
Background: Citadel Holding tapped Egypt’s Beltone Venture Capital to manage its USD 30 mn Citadel fund, designed to back fast-growing startups in the MENA region. The fund has already made investments, including acquiring a 20% stake in ariika following a EGP 31 mn funding round last year. Other portfolio companies include Egyptian courier Bosta, trucking startup Trella, and UAE-based fintech Qlub.
