Moov Closes $41 Million Series A Round Led by Tiger Global to Help Solve the Global Chip Shortage
Moov, a data-fueled marketplace for used manufacturing equipment, announced the close of a $41 million Series A funding round led by Tiger Global. Other notable investors joining the round are public semiconductor investor Gavin Baker of Atreides Management, Valor Equity Partners, Avenir Growth Fund and existing investors.
The venture capital funding will be used to expand Moov’s domestic presence into other semiconductor hubs such as Austin and New York and their global presence in China, Taiwan, South Korea, Japan and Europe. They will also hire executives, invest in research and development, strategically purchase inventory and examine merger and acquisition strategies with other key industry players.
During the ongoing global chip shortage, nearly 170 industries have slowed production because manufacturers cannot find the equipment needed to develop chips quickly enough. Moov has successfully structured and automated a real-time marketplace that connects buyers and sellers around the world along with offering additional services such as logistics, refurbishment, insurance, and asset management software. Beyond the near-term issues around the global chip shortage, Moov has built a marketplace that helps to drastically reduce electronic waste globally.
Fueled by the chip shortage, the semiconductor equipment sales market is growing at levels never seen before and is set to reach $100B in 2022. Moov’s data indicates that the value of used equipment has more than doubled over the past year, and these numbers are expected to continue to grow as innovation and technology drive the market, doubling to around $200B per year within the next six to eight years. With close to $1.5 billion in active and available listings, Moov will play a pivotal role in shifting the global equipment purchasing mindset.
Read More About AI News: Xfinite (XET) Partners with Yieldly for a New Staking Pool
“This round of funding will allow Moov to achieve critical mass and propel us to beyond $1 billion in gross merchandise value in the next several years,” said Steven Zhou, co-founder and CEO of Moov. “Moov has hundreds of buyers and sellers, yet there are still roughly 10 million factories globally with unmet equipment needs and surplus equipment for sale. We are confident Moov will become the #1 platform to buy, sell and manage all used equipment globally.”
Investor Perspectives on Moov Series A Funding Round
“The pandemic has highlighted the importance of the semiconductor supply chain, and exposed the existing inefficiency of connecting buyers and sellers of semiconductor manufacturing equipment,” said Griffin Schroeder, Partner, Tiger Global. “Moov’s efficient global marketplace is helping to solve this issue. With strong demand, a hungry and experienced management team, and a strong network of partners, we believe Moov is poised to become the global leader.”
“The chip and high-tech manufacturing ecosystem desperately needs Moov,” said Gavin Baker, Managing Partner and Chief Investment Officer at Atreides Management, a notable public markets investor, particularly in the semiconductor industry. “They are leading the shift to digital transformation in an outdated industry.”
Browse The Complete News About AI: Mitratech Ushers in New Era of Contract Management
[To share your insights with us, please write to firstname.lastname@example.org]