Singapore-based e-commerce logistics platform Locad plans to expand to Saudi and the UAE after closing a USD 9 mn pre-series B round, according to a statement. The round gives Locad a valuation of USD 60 mn, Reuters reports, citing a source familiar with the matter.

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Who took part? The round was co-led by Global Ventures and existing investor Reefknot Investment, with participation from Sumitomo Equity Ventures and existing investors Antler Elevate, Febe Ventures, and JG Summit.

What we don’t know: Locad’s statement did not disclose additional information on the size of each investor’s contribution or on whether the investments are debt or equity based.

About Locad: Co-founded in 2020 by Shrey Jain (Linkedin), Jannis Dargel (Linkedin), and Constantin Robertz (Linkedin), the cloud supply chain as-a-service startup enables e-commerce brands to pool their sales channels and inventory management on a unified platform that also provides analytics, visibility, and AI-enhanced workflows and insights, the statement said. Locad’s logistics engine integrates with popular e-commerce platforms such as Shopify, Shopee, and Amazon.

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