Malaysia-based on-demand logistics startup, TheLorry, raised a US$1.5 million Series A round led by SPH Media Fund, with participation from Silicon Valley-based Elixir Capital.
The Malaysia-based startup previously raised a seed round from Singapore-based KK Fund in early 2015. The company intends to use this funding to strengthen its presence in Malaysia, introduce new services, and prepare for regional expansion.
Founded in September 2014, TheLorry offers on-demand cargo transportation services throughout Peninsular Malaysia, connecting thousands of lorry and van owners with customers to move everything from household appliances to commercial cargo. Recently, the company expanded into the e-commerce vertical, and has since been working with leading e-commerce vendors and retailers to deliver bulky items.
According to co-founder and managing director Goh Chee Hau, the funds will be used to strengthen TheLorry’s presence in their home market, as well as for regional expansion into other South East Asian countries. It will look to replicate its current business in Singapore.
“It is a competitive market,” Goh said, “but having investors familiar with the Singapore market will be useful for our expansion plans.”
TheLorry is rolling out a new service that will allow both individual and commercial customers to save cost through consolidation and space optimisation.
Co-founder and executive director, Nadhir Ashafiq highlights that their technology platform is the key in making this a reality. “Our back-end system allows us to fully utilise capacity and optimise delivery routes. It enables customers to send anything across Peninsular Malaysia cost effectively.”
Chua Boon Ping, CEO of SPH Media Fund, says he is impressed with the company’s growth. “There is much room for disruption in the Southeast Asian logistics space and TheLorry has been particularly strong in adding value to businesses with commercial cargo. Having done well in Malaysia also gives them an advantage to expanding in Singapore due to the high volume of cross border logistics between the two countries. ”
TheLorry also appointed BK Teoh, former group general manager of Kerry Logistics / Kerry Asia Road Transport Malaysia, as a consultant.