(L-R) Fr8Labs CPTO Felix Lu and CEO Glenn Lai
Fr8Labs, a Southeast Asia-based AI-enabled freight logistics startup with offices in Indonesia and Singapore, has completed its seed funding round, raising US$1.5 million.
The investors are East Ventures, FEBE Ventures, Kaya Founders, Mulia Sky Capital, Seedstars International Ventures, Venturra, and various angel investors.
The funds raised will primarily support the continued development and market expansion of Fr8Labs’s products.
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Fr8Labs was founded in early 2022 by CEO Glenn Lai and Chief Product and Technology Officer Felix Lu.
The startup develops multiple innovative solutions for freight forwarders in Asia, including a cloud Operating System and a Generative AI assistant bot that aims to serve as an AI co-pilot for forwarders. These functions aim to solve pain points by streamlining operations, including integrating shipment job processes and integrating various internal and external stakeholders’ functions, such as between sales and operations (CRM and Accounting), and linking platforms like emails and chat platforms.
For example, instead of performing multiple manual data entries, a forwarder can upload a PDF of a shipping order on Fr8Labs’s platform and have the shipment booking and other required workflows automatically created, producing various complete documents in one step and reducing human error that could cause delays such as an error in submission to customs.
Shortly, Fr8Labs will expand the service experience by offering multiple relevant ancillary products, such as WMS, FX trade, financing, cargo insurance, visibility and rates management, and a marketplace, all integrated into one platform.
The company aims to establish an open ecosystem that enables forwarders to utilise its platform as a foundational lego block for integrating and managing multiple logistics tech applications.
FrR8Labs already operates with paying customers in Singapore, Malaysia, Indonesia, Taiwan, and Australia, with plans to serve the rest of Asia.
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The Southeast Asian logistics market represents a massive opportunity for growth, with a total value of approximately US$389 billion in 2022 and an 11.8 per cent CAGR over the next five years, a study reported by OECD.
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Image Credit: FR8Labs.
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