LOGISTICS and supply chain management integrator Locad is looking to strengthen logistics infrastructures in the Philippines after it raised $4.9 million in seed funding.
鈥淲ith this funding, Locad is set to strengthen the logistics infrastructures in the Philippines and in Southeast Asia and provide businesses with top-of-class service in e-commerce fulfillment,鈥 Locad Chief Executive Officer and Co-Founder Constantin Robertz said at a virtual press briefing.
Venture capital company Sequoia Capital India鈥檚 Surge led the seed round with participation from Antler, Febe Ventures, Foxmont, Global Founders Capital, Gokongwei Family, and Hustle Fund.
Locad will use the investment to expand its platform and fulfillment network.
鈥淢any vendors, producers, and sellers are migrating to digital services but are still hampered in delivering their products to their customers,鈥 Mr. Robertz said. 鈥淭hey also lack infrastructure, resources, and experience in managing both online services and their own supply chain.鈥
Mr. Robertz noted the e-commerce sector faces several challenges, including long delivery periods, delays in shipping, inability to deliver to far locations, high shipping costs, lack of storage space, and irreconcilable inventory levels.
He said Locad can simplify e-commerce logistics through its 鈥渄istributed and flexible鈥 warehousing network, all-in-one platform for managing multiple stores and inventory pools, and automated order fulfillment.
Locad was founded in Manila in October last year. It also has offices in Australia, Hong Kong, and India.
The company said its mission is to 鈥渓evel the playing field in direct-to-consumer commerce by giving brands small and large access to an integrated, distributed and flexible supply chain network that is simple yet scalable.鈥 鈥 Arjay L. Balinbin
