East Ventures leads logistics startup Fr8Labs' $1.5M funding round

In stark contrast to the Western markets, Southeast Asia's freight forwarding sector is lagging in digitization due to a lack of localized software and a more fragmented logistics industry, predominantly made up of SMBs. This is where Fr8Labs steps in.

• Founding Story: Founded by CEO Glenn Lai and Chief of Product and Technology Officer Felix Lu in 2022, Singapore and Indonesia-based startup Fr8Labs aims to digitize Asia's logistics industry.

• Investors: The startup has raised $1.5M in seed funding from prominent investors, including East Ventures, FEBE Ventures, Kaya Founders, Mulia Sky Capital, Seedstars, Venturra, and angel investors.

• Asia Expansion: Boasting more than 50 clients in Singapore, Malaysia, Indonesia, Taiwan, and Australia, Fr8Labs is expanding its reach in Asia.

• Product Uniqueness: The primary offering is an Operating System that supports a freight forwarder's entire workflow, making departments like sales and operations collaborate more efficiently. The system integrates with email and chat platforms and automates document creation for shipping orders and customs submissions.

• Other Features: Fr8Labs is introducing innovative modules, such as Warehouse Management System, allowing freight forwarders to interface directly with their client's backend ERP.

Part of the funding will be used to expand its platform, adding FX trade, financing, cargo insurance, rates management, and a marketplace.

The overarching goal is to create an open ecosystem, akin to Android or Apple, that integrates and manages different logistics tech software, providing freight forwarders with a seamless experience.