Moov raises $41 million
Moov, a marketplace for used manufacturing equipment, closed a $41 million Series A funding round led by Tiger Global, with participation from public semiconductor investor Gavin Baker of Atreides Management, Valor Equity Partners, Avenir Growth Fund and existing investors. The 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.
Founded in 2018, the Arizona-based startup “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.”
“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. 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.” – Steven Zhou, co-founder and CEO of Moov.
“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. 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.” – Griffin Schroeder, Partner, Tiger Global.
“The chip and high-tech manufacturing ecosystem desperately needs Moov. They are leading the shift to digital transformation in an outdated industry.” – Gavin Baker, Managing Partner and Chief Investment Officer at Atreides Management.
