Quincus, an enterprise SaaS leader in solving global supply chain challenges, has announced today that it has successfully closed an undisclosed Series B fundraise. The Series B investment catapults the company's valuation well over US$100 million. The investment round is led by UP.Partners – a US-based electrification and mobility fund, with participation from existing investor GGV , a leading global venture capital firm that manages US$9.2 billion in capital and is an investor in well-known tech and industry giants including Airbnb, Alibaba, Grab, and Slack.
Since its founding in 2014 by Jonathan E. Savoir and Katherina-Olivia Lacey, Quincus has been working closely with a number of household e-commerce, logistics, and airline brands to solve their supply chain problems globally. Fresh funding allows Quincus to accelerate its growth trajectory by investing significantly towards market expansion and technology development. The new investment round follows just nine months after Quincus closed its Series A round in January 2021, led by GGV Capital, Masik Enterprises and Aletra Capital Partners. Since the beginning of 2021, Quincus has seen a 600 percent growth in shipments across 48 countries. Quincus continues to see impressive traction in terms of people, customers, and gross transaction volumes. The company now transacts over 70 million shipments per month while analyzing over 1.4 quadrillion data points.
Jonathan E. Savoir, Chief Executive Officer and Co-founder at Quincus shared, "There is an awesome opportunity in the supply chain and logistics sector as the industry goes through digitalization influenced by global and local trade activities, as well as the pandemic. Companies are seeing the urgency to provide better and faster services to satisfy the demands from both consumers and businesses today while ensuring their operations are kept cost-efficient. Moreover, there is also a need for a greener supply chain as Environmental, Social and Corporate Governance is top of mind for many today. Quincus is incredibly well-positioned to provide the relevant solutions to achieve customers' supply chain and logistics goals with our simple plug-and-play technology applications.
Quincus is headquartered in Singapore, with a global presence across Indonesia, Malaysia, Mexico, Taiwan, Vietnam, UAE, the US, and the UK. It is looking to grow its team to over 400 people to support its operations in its newly launched offices across Canada and the Middle East by the end of the year. The company also looks to expand into new markets across the Americas, South Korea, and Japan by 2022.
Around technology investment, Quincus will further enhance its multi-mile offerings by strengthening its real-time visibility and machine learning optimization platforms. This will help create a more robust and connected supply chain ecosystem that will allow carriers, airlines, and supply chain operators to optimize and transport their shipments across multi-modal networks throughout the first, mid, and last-mile.
Katherina-Olivia Lacey, Chief Product Officer and Co-founder at Quincus adds, "We believe that Quincus' approach to supply chain technology innovation could reshape the movement of goods and commerce around the world and eventually, grow economies. With Quincus' data lake, where data is consolidated, analyzed, and fed into a single dashboard, customers will have the opportunity to make better decisions in a complex situation, such as applying mitigation measures to minimize environmental impact. We are honored to have the support of investors who believe in what we can offer. We hope to tap on their expertise to create technology inclusivity within regions that might not have access to them."
Ally Warson, Principal at UP.Partners added, "UP.Partners and Quincus are mutually committed towards transforming the global movement of goods. UP.Partners believes that international supply chains are ripe for disruption and that Quincus holds the key to unlock enormous efficiencies for the logistics industry. The economic effects of covid have forced global logistics players to fundamentally rethink how they operate their business. The digitization imperative has accelerated faster than ever. Quincus' solution solves strategic pain points across the entire logistics chain. UP.Partners is excited by Quincus' potential, and we look forward to partnering with Jonathan and Katherina on their journey to become the OS for logistics."
Weihan Liew, Venture Partner at GGV Capital, said, "COVID-19 has accelerated the digital transformation of the global logistics industry, creating opportunities for new entrants and disrupting incumbents in the supply chain ecosystem. We believe in the critical role great software plays in this transformation. We are impressed by Quincus' ability to radically improve businesses' supply chains with AI and machine learning, helping to make their supply chains more efficient and resilient.
GGV Capital is excited to back determined and experienced founders like Jonathan and Katherina and look forward to working with them to strengthen Quincus' foothold in Southeast Asia and beyond."
Mikhail Zeldovich, Board Member at Quincus highlighted, "With its global presence and strong technology offering, Quincus has received immense interests from clients who are in the mobility, supply chain, and the logistics space. We firmly believe in the team's ambition to continue its upward growth trajectory."
Currently, Quincus' customers are able to stay ahead of the competition by using the platform's machine learning capabilities to analyze and process 160 million businesses and its 1.4 quadrillion global routes on supercomputers. For instance, Quincus' platform can provide real-time updates around supply chain disruptions, allowing its customers to make crucial decisions around the movement of goods and ensure the best way forward.