Tech in Asia: GGV Capital joins round valuing Singapore logistics firm to over $100m
Singapore-based Quincus, a business-to-business (B2B) logistics solution company, raised an undisclosed sum in a series B funding round led by a US-based venture fund UP Partners. GGV Capital, which has companies like Airbnb, Alibaba, Grab, and Slack in its portfolio, also participated in this round.
The funding boosts Quincus’ valuation to over US$100 million.
Founded by Jonathan Savoir and Katherina-Olivia Lacey in 2014, Quincus is a software-as-a-service (SaaS) platform that can automate manual tasks and provide real-time supply chain visibility for enterprises in the logistics sector. The firm aims to help airlines, logistics providers, ecommerce firms, freight carriers, and household brands manage their supply chains.
The company is headquartered in Singapore but has a presence in Indonesia, Malaysia, Mexico, Taiwan, Vietnam, UAE, the US, and the UK.
Since the beginning of 2021, Quincus said it recorded a 7x growth in shipments across 48 countries. It currently facilitates more than 70 million shipments per month.
It plans to use the fresh funds to grow its headcount to over 400 workers by the end of this year to support its newly launched offices in Canada and the Middle East. Next year, the logistics firm also plans to expand to the Americas, South Korea, and Japan.
In January 2021, Quincus raised an undisclosed amount of series A funding led by GGV Capital, Masik Enterprises, and Aletra Capital Partners.