THELORRY, a South-east Asia logistics platform, has raised US$5.85 million in a Series B round led by FirstFloor Capital.
PNB-INSPiRE Ethical Fund I, Cradle Seed Ventures, Axiata Digital Innovation Fund and SPH Ventures - the lead investor from the Series A round - also participated in the Series B round.
Funds raised will be used to strengthen the company's position in Malaysia, Singapore, Thailand and Indonesia - the four South-east Asian markets it operates.
Nadhir Ashafiq, TheLorry's co-founder and executive director, added that the funds will also be used to develop and improve the perception of lorry and truck drivers in their respective communities.
“We want to be the agent of change in uplifting the status and income of lorry and truck drivers in this region,” he said.
TheLorry was founded in September 2014, with the aim of using technology to make logistics more efficient and affordable by connecting both individual and corporate clients to thousands of lorry, truck and van owners throughout the region. The platform provides house-moving and furniture-transport solutions to its individual clients and also serves multinational corporations in the fast-moving consumer goods (FMCG), retail, industrial, and e-commerce sectors.
The company said in its press statement that it has seen exponential growth in its operations since its launch in Thailand and Indonesia in 2018, and is now profitable in Malaysia and Singapore.
SPH Ventures, an existing investor which participated in the Series B round, is the corporate venture capital fund of Singapore Press Holdings, which owns The Business Times.