Loship, Vietnam’s one-hour delivery startup, nets $12m to expand in key markets

Loship, a Vietnamese one-hour delivery e-commerce startup, announced that it is deepening its presence in key markets after raising $12 million in its pre-Series C funding round.

The fresh funding raised in the round, which was co-led by BAce Capital, Ant Group-backed venture firm, and Sun Hung Kai & Co, an alternative investment company listed in Hong Kong, will also pave the way for Loship to expand into new regions and fuel its latest growth area.

Other investors participating in the round include MetaPlanet Holdings (Estonia), Wealth Well (Saudi Arabia), Prism Ventures (Singapore), PROJECT VELO PTE. LTD (Singapore), SQ Capital Group (Hong Kong), along a plethora of individual investors.

Launched in 2017, the startup has evolved from being an online review site to a leading one-hour-delivery e-commerce platform.

In times of crisis, Loship has stepped up as an essential platform for its Vietnamese customers, delivering everyday items such as food, groceries, medical supplies, home necessities, etc.

The past year also saw Loship accelerate its commitment to innovation, with a first-of-its-kind podcast feature wherein customers can listen to multiple podcasts directly in the startup’s platform while waiting for delivery.

“We have a very clear path to profitability as well as strategic plans on how to get there. Next on our agenda is to bring Loship services to customers living in all parts of Vietnam, especially the lower-tier markets,” shared Trung Hoang Nguyen, Co-founder & CEO of Loship.

Nguyen added that part of the fresh capital will be used to drive forward instant commerce, delivery under one hour.

Commenting on the investment, Benny Chen, managing director at BAce Capital, said Loship creates a strong ecosystem, which adds value to small businesses, customers as well as riders.

“Under Trung’s entrepreneurship and leadership, we saw the company get much stronger during Pandemic by constantly bringing product and service innovation to its merchants and users… We strongly believe in local entrepreneurs to understand the market and people’s needs better in a great potential market like Vietnam,” said Benny Chen, Managing Director at BAce Capital.