Singapore-based transport management startup, VersaFleet, on Monday announced that it has raised $2.8 million in its PreSeries A round from, Prestellar Ventures. This Pre Series A round was led by Prestellar Ventures and included investments from angel investors.
This funds will be used to expand operations across Asia, as well as enhance capabilities of the company’s transport management SaaS offering.
Currently, VersaFleet claims to automate almost one million delivery/pickup tasks regularly for about 100 companies, including Fortune 500 brands across Southeast Asia. The system automates logistics operations and allocates drivers’ route plans.
Previously known as Sypher Labs, VersaFleet was founded in 2012 with the core vision of automating the world’s logistics. VersaFleet is a transport management Software-as-a-Service (TMS SaaS) that automates modern supply chains with route optimisation, electronic Proof-Of-Delivery, instant notifications and real-time job-status tracking.
Shamir Rahim, Founder & CEO of VersaFleet said, “Over the past three years, VersaFleet has been seeing strong growth, with our annual revenue increasing 350 percent 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,”
He added, “While our automation software helps business owners win new contracts and increase profits, I am most proud of the difference it makes to drivers. They personally thank us for enabling them to do their jobs more efficiently, which allows them to get home in time for dinner!”
Rabindra Shrestha, Managing Partner, Prestellar Ventures said, “VersaFleet’s ability to incorporate artificial intelligence 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.”