Technode global: Singapore-based Quincus raises Series B at over $100M valuation
Singapore-headquartered Quincus, an enterprise SaaS platform in solving global supply chain challenges, has announced Thursday that it has closed an undisclosed Series B fundraise.
The Series B investment catapults the company’s valuation well over $100 million. The investment round is led by UP.Partners, a US-based electrification and mobility fund, with participation from existing investor GGV Capital.
Since its founding in 2014 by Jonathan E. Savoir and Katherina-Olivia Lacey, Quincus has been working closely with a number of household e-commerce, logistics, and airline brands to solve their supply chain problems globally. Fresh funding allows Quincus to accelerate its growth trajectory by investing significantly towards market expansion and technology development, the company said in a statement.
“There is an awesome opportunity in the supply chain and logistics sector as the industry goes through digitalization influenced by global and local trade activities, as well as the pandemic. Companies are seeing the urgency to provide better and faster services to satisfy the demands from both consumers and businesses today while ensuring their operations are kept cost-efficient. Moreover, there is also a need for a greener supply chain as Environmental, Social, and Corporate Governance is top of mind for many today,” Quincus Co-Founder and Chief Executive Officer Jonathan E. Savoir shared.
The new investment round follows just nine months after Quincus closed its Series A round in January 2021, led by GGV Capital, Masik Enterprises, and Aletra Capital Partners. Since the beginning of 2021, Quincus has seen a 600 percent growth in shipments across 48 countries.
Quincus said it continues to see impressive traction in terms of people, customers, and gross transaction volumes. The company now transacts over 70 million shipments per month while analyzing over 1.4 quadrillion data points.
Quincus is headquartered in Singapore, with a global presence across Indonesia, Malaysia, Mexico, Taiwan, Vietnam, UAE, the US, and the UK. It is looking to grow its team to over 400 people to support its operations in its newly launched offices across Canada and the Middle East by the end of the year.
The company also looks to expand into new markets across the Americas, South Korea, and Japan by 2022.
Around technology investment, Quincus will further enhance its multi-mile offerings by strengthening its real-time visibility and machine learning optimization platforms. This will help create a more robust and connected supply chain ecosystem that will allow carriers, airlines, and supply chain operators to optimize and transport their shipments across multi-modal networks throughout the first, mid, and last mile.
“UP.Partners believes that international supply chains are ripe for disruption and that Quincus holds the key to unlock enormous efficiencies for the logistics industry. The economic effects of covid have forced global logistics players to fundamentally rethink how they operate their business. The digitization imperative has accelerated faster than ever. Quincus’s solution solves strategic pain points across the entire logistics chain. UP.Partners is excited by Quincus’s potential, and we look forward to partnering with Jonathan and Katherina on their journey to become the OS for logistics,”UP. Partners Principal Ally Warson.
GGV Capital is a global venture capital firm that manages $9.2 billion in capital and is an investor in well-known tech and industry giants including Airbnb, Alibaba, Grab, and Slack.
Quincus is an enterprise SaaS platform that helps solve logistics problems for logistics providers, e-commerce, airlines, freight, and household brands worldwide. The company said it has worked with businesses in many industries across the globe to build smarter, more efficient supply chains.