Lozi, Vietnam’s fast-growing one-hour-delivery e-commerce startup, the owner of Loship App, has secured a bridge round of financing led by Vulpes Investment Management, an investment group based in Singapore with investments across the world. This new financing will fuel Lozi’s latest growth area, a business-to-business (B2B) delivery-offering for small businesses.
The round is joined by DAAL Ventures – Saudi Arabia-based venture capital firm; Wealth Well – leading global investment firm with headquarters in Saudi Arabia; Moje Akhbari – former VP of Starbucks as an individual investor and board advisor; along with other global investors including Eucagi Ventures (Nigerian VC Firm) & KI Group.
Founded in 2013, Lozi was originally an app for people to find food, beverage, and coffee shops, primarily targeting Generation Z and millennial users. In 2015, it transformed into a social C2C e-commerce network, and an intra-city delivery services platform called Loship in late 2017.
Trung Hoang Nguyen, the young Founder and CEO of Lozi, shared – “This round of financing is timed nicely with the spurt of growth we’re seeing in our delivery business across Vietnam as COVID-19 has pushed more F&B businesses to move online. Looking ahead, we will use this funding to continue expanding our B2B operations which are proliferating rapidly, while maintaining our commitment to become the premier e-commerce company in Vietnam for rapid and efficient delivery of goods within an hour,” said Trung.
“We see Vietnam as the most intriguing market in South East Asia in the coming years,” said Field Pickering, Head of Venture Investing at Vulpes Investment Management. “And we couldn’t think of a better way to play the Vietnam growth story than by investing in the most innovative logistics company in the country which delivers over 100,000 deliveries a day and is led by an incredibly entrepreneurial and commercial young team.”
Speaking of the growth of Vietnam’s economy, Aqeel Alrajhi, the CEO of Wealth Well said, “The Vietnamese economy continues to grow remarkably driven by domestic local demand and the attraction of global players to localize their supply chains. Loship is embracing this growth story in a grand manner. Loship is not just an app; it’s an entire ecosystem centered around providing speedy and various logistics solutions in a convenient way.”
Moje Akhbari, Lozi’s investor and board advisor said, “Trung is doing the right thing, at the right time with the best people. Focusing in growing the endless opportunities for SMEs and local Vietnamese businesses to provide their services and products to consumers has enabled Loship to be extremely relevant to technological advances in Vietnam, continuing to serve its customers in innovative, efficient and faster ways. Trung and his team are focusing on customer experience, quality products and service with speed while integrating the best innovations and technology to make everyday tasks easy and simple for Vietnamese customers. Loship is positioned well in doing well by doing good.”