A logistics startup called Fr8Labs has raised $1.5 million in seed money to revolutionize the logistics industry in Southeast Asia
Fr8Labs, a startup firm established in Singapore and Indonesia, is poised to emerge as a major player in the logistics sector of Southeast Asia. East Ventures and other investors recently provided $1.5 million in seed capital to the logistics startup company, enabling it to grow its operations throughout the area.
Fr8Labs, a logistics startup, receives $1.5 million in seed funding support
Southeast Asia’s major pioneer in the digital transformation of the logistics sector is a startup called Fr8Labs, with offices in Indonesia and Singapore. A step closer to their objective, the logistics startup just announced the successful conclusion of its seed investment round.
Fr8Labs reported on November 30 that a variety of investors had provided $1.5 million in seed funding. Several additional angel investors are among them, along with East Ventures, FEBE Ventures, Kaya Founders, Mulia Sky Capital, Seedstars, and Venturra.
The release states that Fr8Lab will continue to develop and grow the market for their product with the help of this seed capital backing.
Founded in 2022 by CTPO Felix Lu and CEO Glenn Lai, the forward-thinking logistics company provides services to more than 50 clients. With intentions to spread throughout Asia, its current reach includes Singapore, Malaysia, Indonesia, Taiwan, and Australia.
Using Fr8Labs’ Innovative Solutions and the Seed Funding to Revolutionize Southeast Asian Logistics
Fr8Labs seeks to solve the problems caused by the freight forwarders in Southeast Asia without having localized and updated processes. They think that by addressing them, small and medium-sized enterprises (SMBs) will ultimately flourish in a manner similar to that of the more technologically advanced Western logistics sector.
As a result, Fr8Labs uses an operating system known as Software as a Service (SaaS) in their strategy. Through APIs, they can establish an open and accessible ecosystem for different logistical actors.
The logistics startup company, based in Singapore and Indonesia, plans to utilize the early money to advance the development of its cloud-based freight forwarding operating system.
This system facilitates communication between various positions within the business and allows integration of numerous duties linked to shipments. Additionally, it will help the operations and sales divisions work together more effectively, simplifying and streamlining workflow.
According to Glenn Lai, CEO of Fr8Labs, a forwarder only needs to send a PDF of a shipment order. After that, the system takes care of the shipment booking and associated duties automatically. This method drastically reduces the number of errors. Furthermore, it was essential in circumstances like customs filings, when mistakes might cause protracted delays.
Additionally, the startup logistics company will implement generative AI (genAI) applications, such as an AI assistant bot that assists forwarders. They will soon be able to pioneer another innovation in the logistics sector in Southeast Asia thanks to the recent seed financial backing.
These capabilities will eventually be available through a subscription basis. The basic platform will incur a monthly fee from users.
Asia’s Connected Logistics Future: A Startup Company’s Dream Fr8Labs
Fr8Labs plans to incorporate supplementary products in the future, including finance options, FX trading, and warehouse management systems, 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.
East Venture’s managing partner Roderick Purwana commended Fr8Labs’ creative tech solution in response to the seed investment assistance.
“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.”