The Philippines-based cloud logistics and end-to-end fulfillment company Locad has secured US $11 million through a series of financing rounds. A capital round headed by Reefknot Investments, a vehicle anchored by Kuehne & Nagel and Temasek, the state-owned investment company of Singapore.
Along with Access Ventures, JG Summit, and WTI, existing investors Sequoia India and Southeast Asia’s Surge, Febe Ventures, and Antler also participated in Locad’s round.
Locad was the first Philippine firm to join a batch of Sequoia’s Surge. It was founded in 2020 by former Zalora executives Constantin Robertz and Jannis Dargel, as well as former Lead Product Manager of Maps for Grab Shrey Jain.
The platform of the firm synchronizes inventory amongst several sales platforms, including Shopify, Lazada, Shopee, and TikTok Shop. For both B2C and B2B transactions, Locad also offers order fulfillment.
These services, which cover the entire process from storage to delivery, are provided through a network of warehouses and transportation partners.
More than 2 million orders have been sent by Locad for more than 200 brands in Singapore, Thailand, Hong Kong, Australia, and the Philippines. According to the business, it continues to complete 99% of orders on the same day.
“As modern consumer brands are transforming to direct-to-consumer and omnichannel retail, we have seen that the supply chain and fulfillment infrastructure is a key barrier to scaling the business for many brands,” said Robertz.
The company will invest the money in network growth and new product development. It also has ambitions to boost its recruiting in Australia and Southeast Asia.