IncuVest invested $600 K into BaseRide cloud services
“We thought it was an interesting idea, we liked the team, but we wanted to make sure that it would actually fly. - Alex Toh, IncuVest Associate, said to e27. - They’re in the transport and logistics space, and there’s already a lot in this space, but they are doing something one step further with route optimisation. We wanted to validate this with Singapore’s largest fleet-management company. The CEO took a look and was interested from the start. Right now, they are actually doing a pilot with the company. That gave us strong validation that this is something the market would use, and that it was a company we wanted to get involved with.
We approached some other Series A guys saying that after a year of our funding, this company would have X number of vehicles, X amount of revenue, is this something you would be interested to invest in? We validated this with, I think, three other Series A guys, and all said yes, this is something they are comfortable with. All that led to our decision to go ahead”.
“SEA provides those conditions for development of abroad IT-business, which I would rather call the ideal ones, - BaseRide CEO Timofey Shishkin says. - This is a good and IT-friendly platform for companies intending to access to foreign markets. And a sort of a starting point for our company aimed at opening A Round”.
IncuVest was founded by Ronnie Vee and Natasha Fung in 2011. It is supporting tech companies at pre-seed and seed stages.