Global VC Reefknot Investments Deepens Regional Commitment, Leads Filipino Tech Startup Locad’s US$11M Series A Funding

JANUARY 26 2023, PHILIPPINES – Reefknot Investments (Reefknot), an established global VC that invests in high-performing, transformative startups in Southeast Asia, recently led Filipino eCommerce logistics company Locad’s US$11M Series A funding. The investment into one of the leading and fastest-growing supply chain and technology startups from the Philippines deepens Reefknot’s commitment to building regional partnerships and helping startups expand regionally. 

In the Philippines, the demand for supply and logistics services has been accelerated by the rise of online retailers. In line with the government’s efforts to digitize the economy, the Department of Trade and Industry (DTI) reported that the number of online vendors increased from 1,700 in March 2020 to 93,318 in January 2021, highlighting the country’s need for eCommerce fulfillment partners that have wider local and regional coverage. 

Locad is an eCommerce fulfillment partner that offers logistics solutions to help retailers sync inventory across online distribution channels and organize end-to-end order fulfillment through a reliable network of warehouses and shipping partners in Southeast Asia. Locad currently operates in Singapore, the Philippines, Australia, Thailand, and Hong Kong, and has shipped more than 2M orders while maintaining a 99 % same-day order fulfillment rate. 

The recent funding will enable Locad to strengthen its logistics engine by building the most extensive and interconnected supply chain network across the Asia-Pacific through its technology platform. This move will provide eCommerce companies, as well as online retailers with logistics capabilities, to tackle the $170B eCommerce markets across Southeast Asia and Australia. 

“We are excited to partner with Locad to bring holistic end-to-end eCommerce logistics solutions to more companies across the Asia-Pacific,” shared Ervin Lim, Vice President of Reefknot Investments. “Locad’s unique operating model of intelligently allocating inventory across distributed warehouses, with an asset light model, ensures that inventory is kept close to the customers, thereby enabling significant cost and time savings for both brand and consumer.” 

DTI has recently expressed the urgency of reducing logistics costs in the country with the launch of National Logistics Strategy in Q1 2023 for a more resilient and inclusive economic recovery, highlighting the importance of investing in the growth of supply chain companies in the market that will support the government’s plans to improve the industry.

“The Asia-Pacific, including the Philippines, emerged as an investment region in part to macroeconomic tailwinds and intrinsic understanding of the different markets. Given our global backing and expertise in helping startups expand services and coverage in the region, Reefknot is committed to partnering with more fast-growing supply chain and logistics startups,” added Lim. 

Despite its status as an established global VC, Reefknot continues to set its sights on transforming and adding value to Southeast Asia’s evolving supply chain landscape. Following its recent participation in Altana Technology’s US$100M Series B funding, Reefknot is doubling down on more partnerships in Asia, which includes Locad and earlier investments in Altana, Pickupp, Roambee, and Secondmind.

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About Locad 

Locad coordinates the physical movement of goods for an online world. Locad is the logistics engine for e-commerce brands, automating inventory distribution, warehouse storage, and shipping across Asia-Pacific. Locad’s tech platform synchronizes inventory across online channels and organizes end-to-end fulfillment through its reliable network of warehouses and shipping carriers across Singapore, the Philippines, Thailand, Hong Kong, and Australia, with more locations opening soon. Hundreds of brands now have access to high-quality fulfillment, providing faster shipping, decreasing inventory errors, reducing costs, and enabling them to grow faster. Locad is on a mission to propel every business forward.

To find out more about Locad, please visit: https://golocad.com/about-us/ 

About Reefknot Investments 

Reefknot Investments is a Singapore-based global investor that partners with high-growth technology companies pushing new frontiers within the supply chain and logistics space. Its first US$50 million fund has invested in exceptional founders and companies, including Altana, Roambee, Pickupp, Secondmind, and Previse, supporting them to make a transformational impact. In addition to pure financial support, startups can leverage Reefknot Investments’ ecosystem of partners to receive the necessary domain or technical expertise.

Zayed Sustainability Prize Opens Submissions for 2024 Cycle

PHILIPPINES - The Zayed Sustainability Prize, the UAE’s pioneering global award for recognizing excellence in sustainability, has officially announced that the 2024 cycle is now open for submissions. 

Submissions will be accepted until May 2, 2023 through the Prize’s online portal.  (https://entry.zayedsustainabilityprize.com/ZSPRegistration)

 

Small to medium enterprises, nonprofit organizations and high schools with sustainability solutions from the Philippines and across the world,  are invited to submit an entry for consideration in one of the five categories of Heath, Food, Energy, Water and Global High Schools.

 

The Prize’s US$3 million fund rewards winners US$600,000 in each category. The Global High Schools category is split into six world regions, with each school able to claim up to US$100,000 to start or further expand their project. The six world regions of the Global High Schools category are The Americas, Europe & Central Asia, Middle East & North Africa, Sub-Saharan Africa, South Asia, and East Asia & Pacific.

 

For the Health, Food, Energy, and Water categories, organizations should demonstrate that they are improving access to essential products or services and have a long-term vision for better living and working conditions. For the Global High Schools category, their projects should be student–led, with emphasis placed on the students being actively involved in the planning, implementation, and monitoring processes.

 

While the submission forms vary per category, core elements of each entry lie in the innovative, impactful, and inspirational ways in which the proposed technology, applications and solutions aim to improve wellbeing and sustainability. To date, the Prize has impacted the lives of over 378 million people around the world, including in Vietnam, Nepal, Sudan, Ethiopia, Maldives, and Tuvalu.

 

The Zayed Sustainability Prize has a three-stage evaluation process, beginning with the due diligence conducted on all submissions to ensure that they meet the Prize’s evaluation criteria. This identifies the qualified entries and results in the selection of eligible candidates. Following this, evaluations are undertaken by a Selection Committee consisting of category-specific panels of independent international experts. From this shortlist of candidates, the finalists are chosen and then sent to the Prize Jury who unanimously elect the winners, across all five categories. 

 

Commenting on the launch of the 2024 submissions cycle, H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Director General of the Zayed Sustainability Prize, said: “Since 2008, the Prize has, through the visionary leadership of the United Arab Emirates, facilitated the delivery of sustainable solutions to vulnerable communities, improving access to reliable and affordable energy, safe drinking water, nutritious food and quality healthcare for millions. The Zayed Sustainability Prize helps organizations and schools scale their solutions, enabling them to realize even greater impact and catalyze positive, transformational change.”

 

Winners of the 2024 Zayed Sustainability Prize will be announced at an Awards Ceremony during the COP28 Climate Summit.  For more information, visit www.ZayedSustainabilityPrize.com.

 

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Hug Photo Caption: HH Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (left) embraces a representative from Gifted Students School (Iraq) for the Middle East & North Africa Global High Schools during the awards ceremony of the 2023 Zayed Sustainability Prize.

 

Group photo caption: Ten winners (front row) of the prestigious US$3 million 2023 Zayed Sustainability Prize were recently honored in ceremonies by President of the UAE His Highness Sheikh Mohamed bin Zayed and other heads of state, ministers, and senior-level dignitaries from the UAE and abroad. The winners are from five categories - - Health, Food, Energy, Water and Global High Schools. The winners were selected from a pool 4,538 – a record number of submissions – chosen by a panel of more than 40 experts. Over 370 million people have been impacted by the sustainability solutions and school projects since the first awards ceremony were held in 2009, with this number continuing to rapidly grow.

 

Boilerplate

 

The Zayed Sustainability Prize is the UAE’s pioneering global award in sustainability and a tribute to the legacy of the late founding father of the UAE, Sheikh Zayed bin Sultan Al Nahyan. Established in 2008, the Zayed Sustainability Prize aims to drive sustainable development and humanitarian action by recognising and rewarding small and medium-sized enterprises, nonprofit organisations, and high schools that are delivering impactful, innovative, and inspiring solutions in the categories of Health, Food, Energy, Water and Global High Schools. In 2023, the Zayed Sustainability Prize is celebrating 15 years of delivering humanitarian impact around the globe. Through its 106 winners, the Prize has positively impacted the lives of over 378 million people across 150 countries.

 

‘A COMPLETE SUCCESS’; Face-to-face Dinagyang Exceeded Expectations

ILOILO City – With thousands of domestic and foreign visitors packing various festival activities, Dinagyang’s return to the city’s streets exceeded expectations, according to Mayor Jerry P. Treñas.

A “complete success” was how he described the festival’s return to a face-to-face celebration after two years of restrictions due to the coronavirus disease pandemic.

“Everyone wanted a strong comeback…It was a complete success and this showed that Dinagyang and our Sto. Niño are beyond politics,” added Treñas.

Dinagyang Festival is known far and wide for its participants’ impressive choreography and striking costumes that reflect Ilonggo ingenuity, craftsmanship and artistry.

Treñas congratulated the Iloilo Festivals Foundation, Inc. (IFFI), organizer of Dinagyang 2023, the participating tribes and corporate sponsors, among others.

“I acknowledge all our sponsors from the private sector for their significant contributions in the success of Dinagyang. Of course, sa inyo tanan, mga pinalangga ko nga Ilonggo. Ang tanan nga ini bangud sa inyo kag para man sa inyo. Your strong support in all our activities played a meaningful role in the overall success of the festival,” said Treñas.

The festival’s top sponsor was SM City Iloilo; it also served as venue for many Dinagyang activities, including the first-ever Dinagyang Ilomination on Jan.21, Batchoy Festival, festival costumes exhibit, and concert of various performing artists including Asia’s Pop Heartthrob Darren Espanto, among others.

The festivities were graced by no less than First Lady of the Philippines Atty. Liza Araneta Marcos and some prominent government officials including House Speaker Martin Romualdez, Senators Risa Hontiveros, Jinggoy Estrada, Mark Villar, Francis Tolentino, Bong Revilla, former senator Franklin Drilon, among others. YouTube sensation Small Laude, broadcast journalist Karen Davila, lifestyle columnist and philanthropist Tessa Prieto Valdez, television presenter and entrepreneur Tim Yap were also there to join the festivities. They were warmly welcomed by Iloilo City Mayor Jerry Treñas and SM Supermalls president Steven Tan. 

Several dignitaries form foreign embassies attended the festivities as well: Romanian Ambassador to the Philippines HE Raduta Dana Matache with Mr. Constantin Matache ;  Indonesian Ambassador to the Philippines HE Agus Widjojo and his wife, Mme. Ranny Agus Widjojo; Royal Thai Ambassador to the Philippines HE Tull Traisorat;  Royal Norwegian Ambassador to the Philippines HE Christian Halaas Lyster;  Hungary Ambassador to the Philippines HE Titanilla Toth; Embassy of Polland Ambassador to the Philippines HE Jaroslaw Szczepankiewicz ; Embassy of the Democratic Socialist Republic of Sri Lanka Charge d'Affaires, a.i. Ms. P.G.P. Kaushalya; Consul General of Japan in Cebu  Hideki Yamaji; and Embassy of the United States in the Philippines Chief Consuls Kristofer Graf and Leo Balantac; 

Dinagyang is the Hiligaynon word for revelry or "merrymaking." The festival is Iloilo City’s version of the Ati-atihan celebrations widely observed not only in Panay Island but also in other parts of the country.

Two of the many foreign dignitaries who graced the festival were full of praises.

 (Via Panay News)