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Locad Raises $9m for Smart Digital Logistics
Locad Raises Funding: Ecommerce logistics startup Locad said on Wednesday it has raised $9 million as it aims to expand in Saudi Arabia and the United Arab Emirates in the fourth quarter.
While the company did not disclose the valuation at which the fundraising was made, a source familiar with the matter said it was around $60 million.
Locad Raises Funding
In a statement on Wednesday, the company said the funding round was led by Global Ventures and Reefknot Investments.
Other investors were Sumitomo Equity Ventures, Antler Elevate, Feb Ventures, and JG Digital Equity Ventures.
The new funding will accelerate Locad’s international expansion, starting with UAE and Saudi Arabia in Q4 2024 as part of its ‘Grow Global, Go Local’ strategy for brands; and will also be used to enhance Locad’s AI-driven smart logistics capabilities.
Also Read: Food Delivery Startup, Swish, Raises $2 Million in Seed Funding Led by Accel
Locad New Funding To Aid Supply Chain Expansion
Locad is on a mission to build the supply chain infrastructure of modern commerce connecting brands to consumers in growth markets with a global cloud supply chain as a service.
Locad’s cloud supply chain enables smart digital logistics and open commerce for consumer brands through an integrated operating system and supply chain infrastructure as a service.
Locad allows brands to connect all sales channels in e-commerce and Retail to a single pool of inventory and a smart logistics network, managed through its Control Tower orchestration platform that provides real-time visibility, analytics, and ai enhanced workflow automation.
“Locad Raises Funding. We are now excited to take Locad global, opening our presence in the US and entering the GCC (Gulf Cooperation Council), to make it easier for brands to sell anywhere with a fully localized customer experience,” Locad CEO and cofounder Constantin Robertz said.
According to Reuters, The startup had raised $11 million in a series A funding round, led by Reefknot Investments, last year.
Since then, Locad said it has expanded its market presence and now has more than 300 customers across Southeast Asia and Australia.
