With SPH Media Fund as lead investor in the latest round, the on-demand logistics service provider will expand into Singapore
Malaysia-based on-demand logistics startup TheLorry has raised US$1.5 million in funding.
The Series A round was led by Singapore-based SPH Media Fund, with participation from Silicon Valley-based Elixir Capital.
“There is much room for disruption in the Southeast Asia logistics space and TheLorry has been particularly strong in adding value to businesses with commercial cargo,” said Boon Ping Chua, CEO of SPH Media Fund. “Having done well in Malaysia also gives them an advantage in expanding to Singapore due to the high volume of cross border logistics between the two countries.”
The impending entry into Singapore will see TheLorry providing competition to Ninja Van, also a logistics services startup that is in the business of providing last mile fulfillment for e-commerce.
“It is a competitive market but having investors familiar with the Singapore market will be useful for our expansion plans,” said Chee Hau Goh, Co-founder and Managing Director of TheLorry.
TheLorry, which previously raised a seed round of undisclosed amount from Singapore-based KK Fund, will be using the injection of capital to strengthen its presence in Malaysia and introduce new services, in addition to preparing for regional expansion, it said in a statement.
The company will be rolling out a new service that allows both individual and commercial customers to save costs through consolidation of packages and optimisation of space within their lorries.
“Rather than charging by the charter price, which some customers find cost prohibitive, we will offer this new, more cost-effective option where they can send a few items that would take up minimal space in the lorry or van. This option opens a new dimension of cost savings and reliability for our customers,” said Goh.
TheLorry also appointed Boon Kong Teoh, former Group General Manager of Kerry Asia Road Transport Malaysia as a special advisor. Teoh has over 30 years of experience with multinational companies in the logistics sector.
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