Yojee, a Singaporean logistics company listed on the Australian Stock Exchange, announced yesterday that it had raised AUD8 million (US$5.9 million) in a share placement to institutional investors.
The company issued 80 million shares at AUD0.10 (US$0.07) per share and the fundraise ended up being oversubscribed.
The money will be used to build out Yojee marketplaces across APAC. It will also be used to fund customer acquisition and technology development.
“The Placement proceeds will enable Yojee to confidently capitalise on the enormous market opportunities for its software, maintain its leadership in smart logistics optimisation technologies and continue to develop its existing commercial relationships with industry leaders such as UPS and DB Schenker,” said Yojee Managing Director Ed Clarke in a statement.
Built on the blockchain, Yojee wants to “empower, not disrupt” and has built a SaaS product that it sells to logistics companies.
The company allows logistics providers to tap into the latest trends of the digital economy (like artificial intelligence) without spending the immense time and resources to build out those departments themselves.
It is heavily invested in machine learning and helps businesses pinpoint inefficiencies or even automate the logistics portion of the supply chain.
Yojee is also more affordable than an enterprise alternative for the multinationals, which means it targets SMEs as potential customers.
In August of 2017, the company raised AUD3 million (US$2.5 million) in a private share placement.
The company has a presence in Singapore, Australia, Indonesia, Malaysia, Vietnam and Cambodia.