11/2/2019 – LOGIVAN, a Vietnamese platform that connects truckers with shipping capacity, has raised US$5.5 million from VC firm Alpha JWC and two angel investors, including Founding Managing partner at Matrix Partners China David Su.
This is the third funding round for LOGIVAN, which to date has raised a total of US$7.9 million in funding.
It last raised US$1.75 million from Ethos Partners, Vina Capital Ventures, and Insignia Ventures Partners in August 2018.
The startup will use the newly raised funding to invest in data analysis and cross-platform integration to increase supply chain efficiency. It will apply artificial intelligence (AI) to verify and safeguard information, understand user needs, as well as increase prediction accuracy.
“Vietnam is the next rising star in the growing Southeast Asia region and it is well poised to experience a similar growth trajectory as we witnessed over the past years in China,” said David Su.
“Vietnam’s logistics industry is highly fragmented, logistics costs make up 23 percent of Vietnam’s GDP, with 90 percent of trucks in Vietnam being owned by individuals. Given the success of Manbang, we believe that LOGIVAN has the potential to emulate its success,” he added.
Founded in 2017 by Linh Pham, a former Goldman Sachs technology analyst, LOGIVAN offers a marketplace that connects freights with truckers directly.
Its central platform tracks the location of freights and trucks which helps improve the overall efficiency of the logistical network through optimization of trucks’ routes and reducing their empty load return rates.
Since its launch, there are more than 1700 truckers using LOGIVAN with a gross merchandise volume of over US$1 million.
In 2018, LOGIVAN claims to have connected over 22,000 transportation partners with every major commercial truck type. The network also has 10,000 shipping companies registered on its system.
This news is published on Reuters.