 "Malaysia's on-demand logistics startup TheLorry scores $1.5 million series A funding")
Malaysia-based on-demand logistics startup TheLorry today announced it raised a $1.5 million series A round led by SPH Media Fund, with participation from Silicon Valley-based Elixir Capital.
Co-founder and managing director Goh Chee Hau says the funds will be used to strengthen TheLorry’s presence in its home market, as well as for expansion into other Southeast Asian countries, with Singapore as the first.
“It’s a competitive market, but having investors familiar with the Singapore market will be useful for our expansion plans,” Chee Hau notes, referring to SPH Media Fund. The $69.55 million fund is the corporate venture capital arm of Singapore Press Holdings, a media organization listed on the Singapore Stock Exchange.
Founded in September 2014, TheLorry offers on-demand cargo transportation services throughout Malaysia, connecting thousands of lorry and van owners with customers who wish to move anything – from household appliances to commercial cargo.
The way it works is pretty straightforward: customers just need to go to the site to book vehicles and if necessary, other extra services such as manpower, boxes, packing, and dismantling. Then jobs will be dispatched to TheLorry’s vendor app where vendors can claim on a first-come, first-serve basis.
For corporate customers, there’s a specialized product which allows them to book transportation, track drivers’ whereabouts, and receive invoices.
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TheLorry says it earns through a commission out of every transaction. The company however refused to disclose any financial details such as revenue or transaction volume on the site.
TheLorry raised a seed round from Singapore-based KK Fund in early 2015.
This is an excerpt from Tech in Asia. You can read the full article here.