Loship bags USD 12 Mn in pre-Series C funding at USD 100 Mn valuation
Author : Pankaj Singh | Published Date : 2021-08-05
Vietnamese-based one-hour delivery e-commerce startup, Loship, which started its journey as a reviews app, reportedly raised USD 12 million in a pre-Series C funding round led by BAce Capital, valuing the company at USD 100 million.
The round also saw participation from SQ Capital Group, Singapore-based Prism Ventures, Saudi Arabia’s Wealth Well, and MetaPlanet Holdings, along with a plethora of individual investors.
With this current round, Loship has now raised a total of USD 20 million. It had previously received funding from MetaPlanet Holdings in a bridge round announced in February 2021. The e-commerce platform is now pursuing a Series C round, which is slated to close by the end of the year and is in advanced talks with the investors.
Founded in 2017, the company provides one-hour deliveries for various products and services, such as ride-hailing, food, medicine, and B2B supplies. It claims to employ over 70,000 drivers and boasts of 200,000 merchants serving over 2 million clients in Can Tho, Ho Chi Minh City, Hanoi, Da Nang, and Bien Hoa.
Co-founder and CEO Trung Hoang Nguyen stated they decided to host a pre-Series C round as many investors were participating in the Series C round, and it would take a long time to close, and therefore divided the round into a pre-Series C and a Series C round.
Loship would use the new capital to expand into new locations and add to industries like B2B deliveries for small food & beverage businesses and retail outlets.
The firm intends to expand into five more large cities by the end of 2021, bringing the total number of operating areas to ten. It then plans to launch in Vietnam's Tier 2 and 3 cities before it grows regionally in Southeast Asia.
Loship considers itself to be a convener of worldwide tech expertise and local market insights, simplifying collaboration to enhance the lives of Vietnamese people and further upgrade the region’s startup ecosystem.
Source Credit –
About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
Related News
Bayers new CEO initiates management job cuts to accelerate decision-making
Bayer newly appointed CEO, Bill Anderson, has reportedly unveiled plans to streamline the companys management structure in a bid to expedite decision-making processes. This marks the first step in a broader effort to transform the embattled German company, which has been under pressure from inv... Read More>>
Smurfit Kappa in Merger Talks with WestRock worth $19 Billion
Smurfit Kappa, a prominent player in the packaging industry, is reportedly engaged in merger discussions with its US counterpart, WestRock. This prospective merger has the potential to create a cardboard box-making powerhouse boasting a market value approaching $19 billion (€17.8 billion). Furt... Read More>>
RBC plans job cuts to take on anticipated economic softening
The Royal Bank of Canada is reportedly planning to reduce its workforce by approximately 1,800 jobs as part of cost-cutting measures, on account of the anticipated upcoming economic landscape. This decision comes after the country's largest bank surpassed analysts' predictions for the third ... Read More>>