Loship, a one-hour ecommerce delivery startup in Vietnam, has announced that it successfully raised US$12 million in a pre-Series C round of equity financing.
This round of financing was jointly led by venture capital firm BAce Capital backed by Ant Group and the direct investment department of Sun Hung Kai Co. Ltd.
The co-investors are MetaPlanet Holdings - Skype co-founder Jaan Tallinn’s investment vehicle, Wealth Well from Saudi Arabia, Prism Ventures from Singapore, and SQ Capital Group from Hong Kong.
The round comes just after Loship’s undisclosed bridge funding round led by MetaPlanet in February.
Loship said it will use the proceeds from the latest round to deepen its presence in key markets, expand the business into new regions, and fuel growth in the B2B delivery services.
“We have a very clear path to profitability as well as strategic plans on how to get there,” said co-founder and CEO Nguyen Hoang Trung.
“Next on our agenda is to bring Loship services to customers living in all parts of Vietnam, especially the lower-tier markets.
“We will also use the funding to drive forward instant commerce delivery in under an hour.”
Founded in 2017, the startup traces its roots to Lozi, a review app that allowed users to find food, beverages, and coffee shops.
It was then transformed into a delivery service platform and now provides one-hour delivery for a variety of products and services, including food, online ride-hailing, medicine, and B2B supplies.
The company claims to have more than 70,000 drivers and 200,000 merchants serving approximately two million customers in Hanoi, Ho Chi Minh City, Da Nang City, Can Tho City, and Bien Hoa City under Dong Nai Province.