Moovaz bags undis­closed fund to make re­lo­ca­tion eas­ier

Singapore Business Review - - STARTUPS -

Mov­ing from one coun­try to an­other can be re­ally stress­ful be­cause this in­volves trans­port­ing a lot of goods - from lug­gage to furniture. One Singaporea­n startup wants to help make that process less of a headache. Moovaz is an on­line in­ter­na­tional re­lo­ca­tion plat­form that aids in ei­ther home or of­fice re­lo­ca­tions. It of­fers trans­port ser­vices, ac­com­mo­da­tions and telecom­mu­ni­ca­tion ser­vices and can even help clients with clean­ing, plumb­ing, and re­pair ser­vices of the new space.

“The chal­lenge would be that you know the na­ture is chang­ing. The sort of peo­ple that are mov­ing now are younger. So the na­ture of moves are chang­ing, but the in­dus­try it­self is grow­ing. So that’s an op­por­tu­nity for us,” Junx­ian Lee, chief ex­ec­u­tive of­fi­cer at Moovaz.

It also al­lows users to in­put the ori­gin of move, the des­ti­na­tion and how much stuff is be­ing re­lo­cated. The com­pany then ag­gre­gates ser­vices which the per­son can use from their data­base. It also in­volves a sur­vey where users can spec­ify items like cab­i­nets, ap­pli­ances, furniture and other cus­tom items. After the de­liv­ery de­tails are fi­nalised, a Moovaz em­ployee will con­tact the per­son and guide them through the re­lo­ca­tion process.

In Fe­bru­ary, Moovaz se­cured an undis­closed amount of in­vest­ment from Hus­tle Fund, a venture fund in­vest­ing in early-stage star­tups in the US, Canada and South­east Asia, ac­cord­ing to a com­pany state­ment. The new fund­ing comes around six months after Moovaz’s seed round, in which it raised US$1M from a group of in­vestors, in­clud­ing key per­son­nel from Ong Beng Seng’s fam­ily of­fice fund, Mojo Part­ners as well as se­nior op­er­at­ing ex­ec­u­tives from undis­closed Amer­i­can and Chi­nese uni­corns.

Aus­tralian ex­pan­sion

In the re­cent fund­ing round of lo­gis­tics startup Moovaz, Lee ad­mit­ted that it was quite chal­leng­ing talk­ing to venture cap­i­tals about it as lo­gis­tics tech­nol­ogy com­pa­nies may not be seen as at­trac­tive. The funds they re­ceived will be used as a lift-off for their in­ter­na­tional ex­pan­sion, start­ing with Australia Lee cited a num­ber of rea­sons as to why they chose Australia. First, the coun­try’s mar­ket size com­ple­ments how rel­a­tively young the com­pany is.

“We have to be very care­ful with the re­sources we have. So op­er­a­tionally, we might not be best equipped to han­dle like a very, very large num­ber of moves. We can potentiall­y han­dle a smaller num­ber of larger mar­gin moves so as a strate­gic de­ci­sion, Australia can make sense,” Lee said.

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