Loship 12m series
Venture-capital-funded E-commerce start-up Loship has recently raised funding equivalent to $12 Million in a pre-series C funding round. The Vietnam-based start-up is popular for delivering products within a timestamp of one hour. The recently raised funding round was led by BAce Capital, Sun Hung Kai & Co Limited’s investment arm. The total valuation of the start-up reached $100 Million after the investment round. Backup investors in this deal include Wealth well, SQ Capital Group, Prism Ventures, and Meta Planet Holdings as per loship 12m series baceshutechcrunch.
Earlier being a review app, Loship delivery services were started in 2017. It is a private venture capital-based company that is currently headquartered in Ho Chi Minh the City of Vietnam. The founder of the start-up is Nguyen Hoang Trung. Initially, working as a review website, Loship has paved a long way to become one of the best online delivery companies in the cities of Vietnam. It provides one-hour delivery of products of multiple categories and essentials. The large range of products includes food, medical essentials, grocery items, etc. Along with that, Loship also provides personalized delivery services to people. Currently, it is operational in major cities such as Ho Chi Minh City, Hanoi, Can Tho, Bien Hoa, and Da Nang. It provides a collective platform for millions of sellers and buyers across the cities where it is currently operational. Other services provided by Loship are laundry services, flower delivery, important supplies delivery, and package delivery.
Chief Executive Officer, Nguyen Hoang Trung expressed his views on this pre-series C funding round saying that they have a lot of investors participating in the series-C investment round so for this reason the company is raising the funding in two rounds i.e., pre-series C and series C. According to him, it will take a lot of time to close the overall round, if done combined. CEO Trung said the company has a definite path of profitability and earlier, it was only for review purposes, however with growing interest and demand of people in the delivery of products and services, they have started Loship and are continuing to bring innovations in the start-up with this newly raised funding. Another benefit they got is getting the immense support of local customers as the start-up better understands the requirements of people. Their business plan not only includes urban areas but is also extendable to remote and rural areas of Vietnam, according to the founder.
Freshly raised $12 Million funding will be used to expand its business operations in other areas of Vietnam. They have a plan to cover all the cities including, tier 2, tier 3, and remote areas well so that more people can use and get benefits from their services. There will be an upsurge in revenue generated and delivery centers by increasing its market value and by building strong relations with customers by making these efficient services to people all over the nation. The focus will also be transferred to Business to Business transactions for some of their services, according to the start-up.
BAce Capital Managing Director
BAce Capital (a prime investor of this deal) Managing Director, Benny Chen said that they are delighted to partner with loship in this deal and praised the Vietnam-based Start-up for understanding the needs of local customers and delivering the essentials during the time of the pandemic too. BAce capital is very dedicated to helping firms for understanding the necessities of local people. BAce capital is a funding company located in Hangzhou, China. It is backed up by Ant Capital investments. Benny Chen of BAce Capital will also join the Board of directors in the start-up. While Lincoln Yeh from Sun Hung Kai & Co said that Their investment firm is thrilled to invest in Loship and they are excited regarding the motive of Loship and its founder i.e., to support and fulfill the requirements of local people. Sun Kang Kai and Co is the parent company of Sun Hung Kai and Co’s investment arm. The company has its headquarters located in Hong Kong.
Talking about backup investors, Wealth Well is an investment company located in Saudi Arabia. SQ Capital Group is a venture capital investment company, operational in Asia, and Meta Planet holdings is an Estonia-based capital funding company established in 2011. In addition to this, the latest funding round also includes investment from individual investors such as Ben Fitzpatrick( BNP Paribas, micro sales director), Jonathan Fiel( Director, Prenzler Group), Mojtaba Akhbari( Starbucks, former vice president), Wayne Cowden( DASS Inc Chief Executive Officer), Simon Eglise( EC1 Partners, MD), Milan Reinartz( iVS. Chief Executive Officer), Tim Neville ( Asia-Pacific region CEO, FNZ group) and Quentin Flannery( Ilwella Pty Ltd, Director).
Loship previously has two other rounds of funding as well in 2020 and 2021. In 2020, Loship raised funding in a seed funding round led by Vulpes Ventures, and in 2021, the company raised the investment in s series B funding round led by Meta Planet Holdings. The actual amount of the rounds were not disclosed by the start-up.
Loship is already doing great in its expertise areas and with the support of various investors they have collaborated with in this newly raised funding round, the efficiency and the area of operations will be maximized. The delivery service app has made many citizens’ life at ease by providing essential items within a short period.
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