SINGAPORE- Malaysia-based on-demand logistics start-up, TheLorry, raised a US$1.5 million (S$2.15 million) Series A round led by SPH Media Fund, with participation from Silicon Valley-based Elixir Capital.
TheLorry intends to use this funding to strengthen its presence in Malaysia, introduce new services, and prepare for regional expansion. It previously raised a seed round from Singapore-based KK Fund in early 2015.
Founded in September 2014, it offers on-demand cargo transportation services through Peninsular Malaysia, connecting thousands of lorry and van owners with customers to move things ranging from household appliances to commercial cargo. Recently, the company expanded into the e-commerce vertical, and has since been working with e-commerce vendors and retailers to deliver bulky items.
TheLorry is rolling out a new service that will allow both individual and commercial customers to save cost through consolidation and space optimisation.
Managing director Goh Chee Hau said in a statement: "Customers will be able to pay for just the item(s) that they wish to send, instead of paying for the whole vehicle.
"Rather than charging by the charter price, which some customers find cost prohibitive, we'll offer this new, more cost effective option where they can send a few items that would take up minimal space in the lorry or van. This option opens a new dimension of cost savings and reliability for our customers," he said.
Mr Chua Boon Ping, chief executive officer of the SPH Media Fund, said in a statement that there is much room for disruption in the South-East Asian logistics space.