The Singaporean logistics tech company Ninja Van officially announced that it has raised USD 279 million in a Series D funding round, which is more than double than the USD 124 million that was published on Crunchbase initially.
The funding round was led by an existing investor, the European logistics major GeoPost, alongside two sovereign wealth funds, with returning participation from B Capital Group, and Monk’s Hill Ventures. Other investors that joined the round include Carmenta, Grab, Golden Gate Ventures Growth Fund, and Intouch Holdings.
Founded in 2014 by three Singaporean entrepreneurs Lai Chang Wen, Shaun Cong, and Tan Boxian, Ninja Van is a tech-enabled express delivery company, serving businesses of all sizes across Southeast Asia.
Ninja Van’s CEO Lai Chang Wen said that the company always maintains its focus on strengthening Ninja Van’s core business in express logistics. “We are grateful for our strong base of strategic partners who continue supporting us through all market conditions—now more than ever. This new capital injection enables us to keep our focus on offering hassle-free delivery solutions for sellers and their customers across Southeast Asia,” he said in a statement.
The most recent investment arrived in the midst of the COVID-19 pandemic where more shoppers turn to online channels to make purchases, leading to increased demand for B2C deliveries. The situation provides opportunities for tech-powered delivery and logistics companies to survive and even notch a win in the crisis with their tools and know-how, to organize shipments of essential goods to communities in need.
Ninja Van said that the company is committed in connecting sellers to their customers during this challenging time and it ensures continuous innovation on multiple fronts, including a contactless delivery service option in support of social distancing.
Update May 5: The story has been updated to reflect the correct amount of funds raised in this round.