Pictured above are Maxam Yeung, co-founder and Managing Director of Moov, and Steven Zhou, co-founder and CEO of Moov.
The Series A was led by Tiger Global with additional investors including Atreides Management, Valor Equity Partners, Avenir Growth Fund, and existing investors.
The company said it would use the money to for expansion into China, South Korea, Taiwan, Japan and Europe. The company said it would also examine M&A strategies.
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.
As well as offering an online brokerage service for in-demand semiconductor manufacturing equipment Moov has expanded into additional services such as logistics, refurbishment, insurance, and asset management software.
Industry body SEMI estimates the semiconductor equipment sales market will be worth $100 billion in 2022 and Moov suggests that the market for used equipment has doubled over the last year and could continue doubling each year to reach an annual value of $200 billion within the next six to eight years.
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