Malaysian Based Startup TheLorry Successfully Raises Series B Fund

Tue Apr 2, 2019 - 4:04am UTC
TheLorry 2

TheLorry 1

2/4/2019 – TheLorry, a Malaysian based logistic startup secured a series b funding of US$5.85M led by FirstFloor Capital. The funding round was joined by PNB-INSPiRE Ethical Fund I, Cradle Seed Ventures and Axiata Digital Innovation Fund (ADIF). Existing investor, SPH Ventures also joined the new round of funding.

SPH Ventures is the capital firm spin-off owned by Singapore media company Singapore Press Holdings Limited. While PNB-INSPiRE Ethical Fund I is the first shariah-compliant Japan private equity fund. It is a partnership project by the Malaysian PNB Group and the Japanese INSPiRE Corporation.

Founded in 2014, TheLorry is a logistic platform connecting individual and corporate consumers with a multitude of medium to heavy-duty vehicles including 4×4 pick up truck/van, 1-tonne, 4-tonne lorries and more. Via their online platform, the startup provides a streamlined inquiry, booking and payment process for consumers looking for a logistic solution that suits their needs.

In 2018, having hit profitable in their Malaysian and Singaporean markets, the startup proceeds to expand their presence into the Thailand and Indonesian markets.

Nadhir Ashafiq, the co-founder and executive director of TheLorry revealed to Digital News Asia that the fresh funding will be used to strengthen their presence in the regional markets. Furthermore, they are also looking forward to lifting and sculpting a better image for their employed lorry, truck drivers and the logistics industry in general.

“We want to develop and improve the perception on lorry and truck drivers in their respective communities,” says Nadhir. “There is a lot of value in a lorry and truck driving career that many people have yet to see and appreciate,” he adds. “We want to be the agent of change in uplifting the status and income of lorry and truck drivers in this region.”

To fuel their fortification process of the general impression on a career as a heavy duty vehicle driver, TheLorry has further plans to provide training necessary for a long term career and business growth.

“We’ve so many of these success stories across the region, such as where our platform helped an owner-operator grow from one lorry to four lorries within a matter of two years,” he explained. “Besides job generation, we would also like to add value to our partners by providing them with professional training and skills-training for them to grow their business in the long term.”

TheLorry currently boasts a network of around 10,000 registered vehicles across their four regional operations. While driver-partners see a 60% – 70% increase in income after joining their platform.

This news is published on Reuters.

Lo Jia Thong is a writer that writes about the latest announcements on venture capitals and startups from Southeast Asian countries.