Singapore and Indonesia-based startup company Fr8Labs will soon become one of the key players in SEA’s logistics industry. The logistics startup company recently received $1.5 million seed funding support from East Ventures and other investors to expand its operations across the region.
Fr8Labs, a startup company based in Singapore and Indonesia, is leading the digital transformation of logistics industry in Southeast Asia. The logistics company announced the successful completion of its recent seed funding round, making them one step closer to the goal.
On November 30, Fr8Labs announced to have secured $1.5 million in seed funding from a range of investors. They include East Ventures, FEBE Ventures, Kaya Founders, Mulia Sky Capital, Seedstars, Venturra, and several other angel investors.
According to the announcement, Fr8Lab will use this seed funding support to continue developing and expanding their product’s market.
Founded in 2022 by CEO Glenn Lai and CTPO Felix Lu, the innovative logistics company serves over 50 customers. Its reach spans Singapore, Malaysia, Indonesia, Taiwan, and Australia, with plans to expand across Asia.
Understanding that Southeast Asia’s freight forwarders lack localized and updated processes, Fr8Labs aims to address the issues. They believe by solving them, small and medium-sized businesses (SMBs) will eventually prevail like those in the more digitized Western logistics industry.
Therefore, Fr8Labs implements strategy that involves a Software as a Service (SaaS) operating system. By doing s, they create an open, accessible ecosystem for various logistics players through APIs.
The Singapore and Indonesia-based logistics startup company will use the seed funding to further develop their cloud-based operating system for freight forwarders.
This system allows an integration in various shipment-related tasks, communications, and connecting different roles within the organization. It will also assist the sales and operations departments to collaborate more efficiently, resulting in simpler and more effective workflow.
Fr8Labs CEO Glenn Lai stated that a forwarder can simply upload a PDF of a shipping order. Then, the system automatically manages the shipment booking and related tasks. This approach significantly cuts down on mistakes. And it was crucial in situations like customs submissions, where errors can lead to long delays.
The logistics startup company will also adopt generative AI (genAI) applications, including an AI assistant bot that works alongside forwarders. With the recent seed funding support, they will soon be able to pioneer another breakthrough in the logistics industry in SEA.
Ultimately, these features will be accessible via a subscription model. Users will be charged monthly for the basic platform.
In the future, Fr8Labs looks to integrate ancillary products, such as a warehouse management system, forex trade, and financing solutions, among others.
“Imagine how Android and Apple devices work within their respective ecosystems. We We aim to offer freight forwarders a similar smooth experience with our platform, and then enhance it with additional valuable services.
Our goal for the next five years is to become the primary system that all ASEAN freight forwarders use and to further extend our reach throughout Asia.”– Glenn Lai, CEO of Fr8Labs.
Responding to the seed funding support, East Venture’s managing partner Roderick Purwana praised Fr8Labs’ innovative tech solution.
“Using technology in logistics is vital as it boosts cost-saving and productivity. However, the industry faces hurdles in improving digital logistics.
Fr8Labs is stepping in with its innovative technology to tackle these challenges for freight forwarders in Southeast Asia. With team’s skills and expertise, we believe Fr8Labs has the potential to revolutionize the logistics sector, bringing benefits throughout the entire process.”– Roderick Purwana, Managing Partner of East Ventures.