IncuVest invested $600 K into BaseRide cloud services

March 24, 2015


BaseRide Technologies Pte Ltd got seed investments from IncuVest group. According to the deal conditions, BR is to scale up by 2015 and to access to foreign markets, including the SEA one.

“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.