SINGAPORE - Local relocation start-up Moovaz announced on Thursday (4 June) that it has acquired Singapore Press Holding (SPH)’s The Finder, Singapore’s longest-running magazine for expatriates.
In consideration for the acquisition, SPH will become a shareholder of Moovaz and collaborate on the latter's regional outreach efforts through its media platforms.
Founded in 2017, Moovaz operates a Singapore-based logistics platform that helps people relocate internationally. It raised US$7 million (S$9.8 million) this year for expansion in a Series A funding round led by venture capital firm Quest Ventures, and participated by government-owned deep-tech investor SGInnovate, and Supply Chain Angels, the corporate venture arm of logistics player YCH Group.
The company said the acquisition of The Finder, which began publication in 1993, will add content and community-building to its relocation service. The Finder editor-in-chief Sara Lyle Bow will be moving with the brand to Moovaz as director of The Finder and head of community.
The acquisition will involve Moovaz taking over the running of the The Finder's brand assets, including its quarterly print and digital magazines, The Finder Kids supplements, web content and social media content in Singapore and Malaysia where it has a presence.
Moovaz said it aims to expand The Finder's reach to its own relocation clients and beyond. The two brands will build an ecosystem of end-to-end logistic and lifestyle services for customers as they relocate globally and settle into local communities, it added.
Moovaz co-founder and CEO Lee Junxian said: "Global locals are a community of people with freedom imbued within their souls. What struck us the most about The Finder is how authentically its brand and content has resonated with this community for the past quarter of a century. We were drawn to its rich history as well as its colourful, unadulterated content."
Mr Julian Tan, SPH chief of digital business, said: "Over the years, we have built up The Finder to be the go-to publication for expatriates… We are excited that Moovaz will grow the product further, and will work with them to expand the product regionally."
The Finder and Moovaz will also host their first Expatpreneur eAwards in July 2020, to honour successful expat-owned businesses who help people live well in Singapore.