Selangor-based logistics startup TheLorry announced that it has raised USD 5.85 million in a Series B round led by FirstFloor Capital and joined by other investors including PNB-INSPiRE Ethical Fund I, Cradle Seed Ventures, and Axiata Digital Innovation Fund.
TheLorry connects thousands of individual and corporate clients with the truck, lorry, pickup truck, and van owners across Southeast Asia. Through its website and mobile app, customers can choose the vehicle and driver that they need from a combined fleet of over 7,000 vehicles and large trailers for heavy-load transportation services, like residential or office relocation, as well as the disposal of large or heavy items.
TheLorry will use the fresh investment to strengthen its presence in its four current markets—Malaysia, Singapore, Thailand, and Indonesia. The company says it aims to be the market leader for logistic platforms in Southeast Asia and aspires to improve the livelihoods of its driver partners. TheLorry is also upgrading its driver partners’ skills by providing them with regular professional training so that they are able to grow their business in the long run.
Founded in 2014 by Nadhir Ashafiq and Goh Chee Hau, the startup raised its Series A funding from SPH Media Fund in January 2016. TheLorry rolled into Thailand and Indonesia last year and has reported positive growth in these two markets ever since. The company says that its matching algorithm and back-end technology are able to bring down costs for customers.
“With the optimization done through our technology, we’re reducing underutilized capacity, and in turn improving the efficiency of our drivers,” said co-founder and managing director Goh Chee Hau in an official statement. “We are already seeing the results of cost-savings being delivered to our customers.”
In 2019, the company plans to focus on its existing markets, but is also open to exploring opportunities for expansions to other Southeast Asian countries.