Locad Secures $9m for GCC Expansion with New Regional Director
Deal News | Nov 20, 2024 | Zawya
Locad, a cloud-based logistics firm, announced a $9 million pre-Series B fundraising round to expand its international operations, specifically targeting the United Arab Emirates and Saudi Arabia as part of its 'Grow Global, Go Local' strategy. The round was co-led by Global Ventures and Reefknot Investments, with other participants including Sumitomo Equity Ventures, Antler Elevate, Febe Ventures, and JG Summit. The funds will enhance Locad's AI-driven logistics capabilities and support its mission to improve supply chain infrastructure for consumer brands. As part of its expansion, the company appointed Dario La Torre as the GCC Regional Director. His expertise in e-commerce and logistics is expected to accelerate Locad’s growth in the GCC, offering local fulfillment and shipping solutions through its network of regional centers. Locad's platform is designed to unify sales channels, optimize inventory, and streamline delivery processes for brands, aiming to enhance customer experience through faster, localized service.
Sectors
- Logistics and Supply Chain
- Venture Capital
- E-commerce
Geography
- Singapore – Locad is based in Singapore, making it a focal point of its operations and strategic decisions.
- United Arab Emirates – Locad plans to expand its operations into the UAE as part of its growth strategy, making it a key market for their services.
- Saudi Arabia – Saudi Arabia is included in Locad's expansion plans, highlighting its importance in the company's regional strategy.
Industry
- Logistics and Supply Chain – Locad operates within the logistics and supply chain industry, providing cloud-based solutions for optimizing inventory management and delivery processes for consumer brands.
- Venture Capital – This industry is relevant due to the involvement of venture capital firms like Global Ventures and Reefknot Investments in Locad's funding round.
- E-commerce – Locad's operations support consumer brands in e-commerce by integrating sales channels and enhancing fulfillment and delivery services.
Financials
- $9 million – The total amount raised in Locad's pre-Series B funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Locad | Target Company | Company | Locad is a cloud-based logistics engine supporting consumer brands through its supply chain services. |
| Global Ventures | Investor | Company | A leading venture capital firm in the MENA region co-leading Locad's funding round. |
| Reefknot Investments | Investor | Company | An existing investor in Locad, co-leading the pre-Series B funding round. |
| Sumitomo Equity Ventures | Investor | Company | A participating investor in Locad's pre-Series B funding round. |
| Dario La Torre | GCC Regional Director | Person | Newly appointed to lead Locad's strategic expansion in the GCC market. |