Logistics and supply chain management integrator Locad recently announced it will receive a $4.9 million investment, from venture capital firm Sequoia, to further enhance and expand its platform and fulfillment network in the country.
Founded in Manila and Singapore last year, Locad is fast making a name for itself in the logistics industry and now has offices in Australia, Hong Kong, India, the Philippines and Singapore.
Sequoia is one of the world’s leading venture capital firms that has funded legendary companies in the technology sector including Airbnb, Zoom, Youtube, Tokopedia and others since 1972.
With its seed funding of $4.9 million, Locad will expand its cloud logistics platform to work with more Philippine businesses of all sizes.
“eCommerce and on-demand delivery services are accelerating in the Philippines. Many vendors, producers, and sellers are migrating to digital channels but are still hampered with the logistics of bringing products to their customers. They also lack infrastructure, resources, and experience in managing both online services and their own supply chain,” CEO and co-founder Constantin Robertz said.
“With the exponential growth of eCommerce in Southeast Asia, Locad is empowering eCommerce brands who will play a pivotal role in driving the Philippines’ massive post-pandemic growth opportunity,” Robertz added.
Studies have shown that eCommerce made a 76 percent penetration in the Philippines in 2020, an increase in the usage and need for Locad’s comprehensive services is likely to occur as businesses strive to level up their fulfillment infrastructure.
The company is also investing in broadening its regional footprint in Southeast Asia and Australia, providing Philippine businesses an accessible option to pursue regional expansion and make their products accessible to consumers across Asia-Pacific.
