Ecommerce logistics startup Locad raises $9 million in new 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.
The pre-series B funding round was co-led by Global Ventures and existing investor Reefknot Investments. Sumitomo Equity Ventures and other existing investors such as Antler Elevate, Febe Ventures and JG Summit also participated.
Why it's important
A boom in the ecommerce market since the Covid-19 pandemic has triggered demand for robust logistics services. The use of AI-powered tools in ecommerce services has also attracted investments from businesses looking to optimise operations and save costs.
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