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.
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