TheLorry, a Malaysia-based logistics startup, secured a strategic investment from global FMCG company Unilever, Vulcanpost reports. This comes just a few days after the startup announced closing a nearly USD 6 million Series B financing round led by FirstFloor Capital.
This strategic partnership will connect TheLorry with Unilever’s supply chain operations, thus allowing the startup to scale up its network in the region. Unilever acquired equity in the form of convertible preferred shares.
TheLorry targets expansion in the region. It’s currently already operating in Malaysia, Singapore, Thailand, and Indonesia. According to the report, this partnership with Unilever will facilitate its rollout across Thailand, Vietnam, and the Philippines. It offers simple logistics services through a digital platform by partnering with trucking companies.
Unilever and TheLorry worked together under a trial partnership supported by Unilever Foundry, Unilever’s startup collaboration platform, in 2017.
Logistics is a sector with great growth potential in Southeast Asia due to the fragmented delivery systems and inefficiencies arising from a lack of data and poor infrastructure. In the on-demand trucking segment, TheLorry’s faces rival players like Logivan in Vietnam, Kargo Technologies in Indonesia, and Giztix in Thailand.