Singapore-based logistics operations automation startup VersaFleet has secured S$2.8 million (US$2.1 million) in pre-Series A round of funding, led by local venture capital firm Prestellar Ventures, with participation from unnamed angel investors.
The company will use the money to expand operations across Asia and boost its Artificial Intelligence (AI) capabilities.
“Over the past three years, VersaFleet has been seeing strong growth, with our annual revenue increasing 350 per cent year-on-year. With this new injection of funds and the additional expertise from our investors, we aim to double the size of our team and serve beyond 5,000 drivers worldwide. We are also looking to expand regional operations within Malaysia and Indonesia,” said Shamir Rahim, Founder and CEO of VersaFleet.
Founded in 2012, VersaFleet (previously known as Sypher Labs) offers a SaaS-based transport management solution that automates modern supply chains with route optimisation, electronic proof-of-delivery, instant notifications and real-time job-status tracking. Designed for the everyman, VersaFleet powers thousands of drivers worldwide, automating operations one successful delivery at a time.
VersaFleet claims it currently automates almost one million delivery/pickup tasks regularly for around 100 companies, including Fortune 500 brands across Southeast Asia.
“VersaFleet’s ability to incorporate AI with human planning is critical in transforming the logistics industry roadmap. We see this as the future of logistics and are delighted to work together with Shamir and his team as they expand VersaFleet across Asia, helping more logistic operators to become more productive and efficient,” said Rabindra Shrestha, Managing Partner at Prestellar.
VersaFleet was incubated by NUS Enterprise and began operations on NUS campus.
Prestellar Ventures is a US$100 million early-stage private equity fund that invests in pre-Series A-stage startups in Singapore, Nepal, India, Sri Lanka and the Middle East.