Malaysia-based logistic platform TheLorry raises US$5.85M Series B funding
Southeast Asia-based TheLorry, the logistic platform headquartered in Malaysia, announced its US$5.85 million Series B fundraising led by FirstFloor Capital. Participating in the round were PNB-INSPiRE Ethical Fund I, Cradle Seed Ventures, and Axiata Digital Innovation Fund, as well as SPH Ventures who made a comeback after joining the Series A round.
The company stated that it plans to use the funds raised to strengthen its operations in Malaysia, Singapore, Thailand, and Indonesia.
TheLorry was founded in September 2014 with the vision of providing efficient and affordable logistics. It focusses on a logistics platform operation that connects both individuals and corporate clients to lorry, truck, and van owners in their database across Southeast Asia.
Using the platform, individual customers can do a transparent and reliable house moving and furniture transport. TheLorry highlights that it also serves multinational corporations in the Fast-Moving Consumer Goods (FMCG), retail, industrial, and e-commerce sectors with technology-enabled distribution and long haul transport solutions.
Aside from using the funding to strengthen its position in the four mentioned markets, it will also be used to develop and improve the perception of lorry and truck drivers in their respective communities.
“There is a lot of value in a lorry and truck driving career that many people have yet to see and appreciate,” said co-founder and Executive Director, Nadhir Ashafiq, “We want to be the agent of change in uplifting the status and income of lorry and truck drivers in this region.”
Since its Series A funding in 2016, TheLorry has managed to expand to Thailand and Indonesia just in 2018. According to Co-founder and Managing Director, Goh Chee Hau, TheLorry’s built ecosystem and optimised logistics technology continue to bring down logistics cost for its customers.