Vietnamese on-demand e-commerce platform Loship raises $ 12 million for a valuation of $ 100 million - TechCrunch
Summary
Founded in 2017, Loship offered one-hour deliveries for a wide range of products and services, including food, rideshare, medication, and B2B supplies. The company claims to have more than 70,000 drivers and 200,000 traders and serves approximately 2 million customers in Hanoi, Ho Chi Minh City, Da Nang, Can Tho and Bien Hoa. Individual investors included former Starbucks vice president Mojtaba Ahkbari; Tim Neville, Chairman and CEO of FNZ APAC Group; Ben Fitzpatrick, Director of Global Macro Sales at BNP Paribas; DASS-Inc founder and CEO Wayne Cowden; Managing partners EC1 Simon Eglise; Quentin Flannery, director of Ilwella Pty Ltd; the director of the Prenzler group, Jonathan Feil; and the CEO of iVS, Milan Reinartz Loship’s new funding will be used to expand into new cities and develop verticals such as B2B deliveries for small food and beverage businesses and retail stores. In a statement on the funding, Chen said, “Loship creates a strong ecosystem that adds value to small businesses, customers as well as passengers. Under the entrepreneurial spirit and leadership of Trung, we have seen the company become much stronger during the pandemic by constantly bringing product and service innovations to its merchants and users.