The Series C funding round

Loship received a $12 million investment in a Series C funding round. The capital raised the valuation of this Vietnam’s delivery startup to over $100 million. The capital comes from Jaan Tallinn, co-founder of Skype, through the Alibaba-backed investment fund MetaPlanet Holdings. The investment is also part of a previous Series C funding round. The deal marks the first time MetaPlanet Holding has invested in the Southeast Asian market. “MetaPlanet is paying attention to emerging markets in Southeast Asia. I’m excited to start in Vietnam. Especially when adding Loship to my portfolio,” said Tallinn. The person who introduced Mr. Tallinn to Loship was Vinnie Lauria, co-founder of Golden Gate Ventures, Singapore.

The investment improves service quality, accelerates delivery, and expands markets. Loship identifies COVID-19 as a growth opportunity as demand for grocery shopping and delivery skyrockets. This business will strengthen the supply chain of essential necessities for Ho Chi Minh City. Loship aims to be present in ten cities by the end of the year. This startup also wants in the next two years, 10% of the Vietnamese population will use its application every month.

About Vietnam’s startup Loship

Nguyen Hoang Trung and Tran Minh Son founded Loship in 2017. This app specialises in food delivery, FMCG, electronics, fashion, cosmetics, laundry, medicine, mail, flowers, ride-hailing, and B2B materials. Loship originated from Lozi, an application to search for restaurants and places to eat. Lozi switched to food delivery e-commerce Loship in 2017. Loship is present in five cities in Vietnam with more than 70,000 drivers, more than 200,000 sales partners and 2 million customers.

In Vietnam, the concept of customers buying directly on the app and having it delivered in an hour is not widely known. However, this model is very popular in the world. Customers don’t just sit at home buying food for immediate delivery. Loship’s goal is also to have a bunch of vegetables, fish, cosmetics, phone chargers, etc. The goal is to become the leading one-hour delivery e-commerce company in the country. “We have been a pioneer in Vietnam for three years now. We will continue to realize our goal of delivering everything in one hour,” said Trung.

Sources of information include DealstreetAsia, e27, and TechCrunch.