Investment round led by FirstFloor Capital with participation from PNB-INSPiRE Ethical Fund I, Cradle Seed Ventures and Axiata Digital Innovation Fund. Lead investor from Series A round SPH Ventures also joined the round.
 
KUALA LUMPUR,  April 2 (Bernama) -- South East Asia logistics startup, TheLorry, has successfully raised US$5.85 million in its Series B Funding led by FirstFloor Capital with participation from PNB-INSPiRE Ethical Fund I, Cradle Seed Ventures, and Axiata Digital Innovation Fund. Existing investor, SPH Ventures, also participated in the round. The company intends to use the funds raised to strengthen its operations in Malaysia, Singapore, Thailand and Indonesia.
 
Founded in September 2014, TheLorry operates a logistics platform that connects both individuals and corporate clients to thousands of lorry, truck and van owners in their database across South East Asia. It was founded with the aim of utilising technology to make logistics more efficient and affordable. The platform provides transparent, secure and reliable house moving and furniture transport solutions to its individual clients. Apart from that, TheLorry also serves large multinational corporations in the Fast-Moving Consumer Goods (FMCG), Retail, Industrial, and e-commerce sectors with technology-enabled distribution and long haul transport solutions.
 
According to co-founder and Executive Director, Nadhir Ashafiq, the funds will not only be used to strengthen its position in the four markets across Southeast Asia that it operates in, but also to develop and improve the perception on 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.” Nadhir comments, “We want to be the agent of change in uplifting the status and income of lorry and truck drivers in this region.”
 
The company is now profitable in Malaysia and Singapore and has grown multiple-fold since its Series A in 2016. It recently expanded to Thailand and Indonesia in 2018 and has seen exponential growth in its operations since launch.
 
Co-founder and Managing Director, Goh Chee Hau believes that the growing ecosystem built by TheLorry will continue to bring down logistics cost for its customers. “With the optimisation done through our technology, we are reducing underutilised capacity and in turn, improving efficiency of our drivers. We are already seeing results of cost savings being delivered to our customers.”

About TheLorry
TheLorry is a regional logistics platform that connects both individual and corporate clients to thousands of lorry, truck and van owners across South-East Asia through its cutting-edge technology. With a team of 80 and growing, it currently operates in Malaysia, Singapore, Thailand and Indonesia. You can find out more about TheLorry here: https://thelorry.com/
 
About FirstFloor Capital
FirstFloor Capital is a venture investment firm that invests in high-growth technology companies in industries serving information technology, mobility, communications, and life sciences.  The firm focuses on companies with unique competitive advantages, sustainable value propositions, and strong management teams.  Its strength and global network enable the firm to help portfolio companies to expand routes to international markets and establish strategic partnerships to accelerate growth.  The FirstFloor Capital team acts as a trusted partner and helps their entrepreneurs and teams to build truly world-class companies.
 
About PNB-INSPIRE
PNB-INSPiRE Ethical Fund I, incorporated in 2014 with a fund size of JPY 5,150 million, is the first shariah compliant private equity fund in Japan established to facilitate development and expansion of shariah compliant businesses with Japanese SMEs and venture companies worldwide. The Organisation for Small & Medium Enterprises and Regional Innovation, Japan (“SMRJ”, Japanese governmental institution) is the biggest investor with about 46.6% shareholding whilst PNB Equity Resource Corporation Sdn Bhd owns about 23.3% shareholding in the fund. Other investors include 10 Japanese local banks (The Chikuho Bank Ltd., The Eighteenth Bank, Ltd., The Hiroshima Bank Ltd., The Hokuto Bank, Ltd., The Michinoku Bank, Ltd., The Ogaki Kyoritsu Bank, Ltd., Oita Bank Co. Ltd.,The Shiga Bank, Ltd., The Shonai Bank, Ltd.,and  The Tohoku Bank, Ltd.) and DENTSU INC., Fuyo General Lease Co. Ltd., Shinsei Bank, Limited, and INSPiRE.
 
About SPH Ventures
SPH Ventures is the corporate venture capital fund of Singapore Press Holdings Ltd (“SPH”), Asia’s leading media organisation listed on the Singapore Stock Exchange. The fund size totals S$100 Million. They have a global mandate to invest in early-stage innovative companies in the areas of Digital Media (including advertising technology and content aggregation/ distribution/ consumption) and Consumer Internet (including e-commerce, marketplaces, social media, education technology, financial technology, etc).   
 
About Cradle Seed Ventures
Cradle Seed Ventures (CSV) is the venture capital arm of Malaysia’s premier early stage financier and influencer, Cradle Fund Sdn Bhd. CSV manages an early stage venture fund based out of Malaysia, supporting high growth startups, led by passionate and talented founders.
 
About Axiata Digital Innovation Fund
Axiata Digital Innovation Fund is a technology venture fund formed by Axiata Berhad in collaboration with Malaysia Venture Capital Management Berhad and Johor Corporation. The fund invests in innovative and high growth companies from an early stage (Series A) onwards.

Source: Cradle Fund Sdn Bhd

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Goh Chee Hau
Managing Director
Email: goh@thelorry.com

Name: Nadhir Ashafiq
Executive Director
Email: nadhir@thelorry.com

--BERNAMA