Singapore-based enterprise SaaS startup Quincus has raised an undisclosed amount from venture capital firm, AEI HorizonX in the second part of its Series B funding round.
AEI HorizonX was formed through a partnership between aerospace major Boeing and American private equity firm AE Industrial Partners.
Quincus’s first tranche of Series B funding round was led by GGV Capital and US-based mobility and electrification fund UP Partners in September, taking its valuation to more than $100 million.
The startup has not disclosed the funding amount it has raised in Series B but its filing with ACRA (Singapore’s Accounting and Regulatory Authority) shows that it has raised $15.75 million to date in the round. GGV Capital invested $6 million, while UP Partners contributed $6.75 million.
However, ACRA filings only show the equity funding raised by Quincus so far. The funding round could be bigger and have other components such as debt.
Quincus, which connects freight forwarders, operators, shippers, and shipping operations will be using the fresh infusion of funds to expand its platform, especially in the US. The startup has its presence in Malaysia, Indonesia, Vietnam, Taiwan, UAE, US and UK.
According to Beckett Jackson, a director at AEI HorizonX, said in a statement, “As logistics operators plan their future fleets- from traditional freighter aircraft to autonomous vehicles- Quincus is uniquely positioned to help their customers open and optimize completely new routes by leveraging novel cargo delivery vehicles.”
“With the backing of AEI HorizonX, Quincus not only gains additional capital but greater access to the deep operational knowledge and industry relationships that Boeing and AE Industrial have built over many decades,” said Quincus CEO Jonathan E. Savoir.
Founded in 2014 by Jonathan Savoir and Katherina Lacey, the startup aims to solve the most pressing supply chain issues. Quincus empowers the entire supply chain ecosystem- vendors, employees, hubs, and customers-to instantly respond to the marketplace.
Quincus’s technology equips enterprises with real-time visibility and AI-driven optimization. Its platform acts as a single source of information to allow all stakeholders to make decisions based on the same data
In January this year, Quincus had raised $3.1 million from Green Leafe Capital, Masik Enterprises, Investigate VC, and Seasight Holdings as part of its Series A funding round.
The startup claims to transact 70 million shipments every month. It plans to grow its team to more than 400 employees from 100 to support its operations in its recently launched offices across the Middle East and Canada by the end of this year. Quincus also plans to enter South Korea, Japan, and the Americas by 2022.