Lozi, Vietnam’s one-hour-delivery e-commerce startup, the owner of Loship App, has secured a bridge round of financing led by Vulpes Investment Management, a prominent investment group based in Singapore with investments across the world. This new financing will fuel Lozi’s latest growth area, a business-to-business (B2B) delivery-offering for small businesses.
The round is joined by DAAL Ventures – Saudi Arabia-based venture capital firm; Wealth Well – leading global investment firm with headquarters in Saudi Arabia; Moje Akhbari – former VP of Starbucks as an individual investor and board advisor; along with other global investors including Eucagi Ventures (Nigerian VC Firm) & KI Group.
Founded in 2013, Lozi was originally an app for people to find food, beverage, and coffee shops, primarily targeting Generation Z and millennial users. In 2015, it transformed into a social C2C e-commerce network, and an intra-city delivery services platform called Loship in late 2017. The next step for Lozi is to dominate the business to business delivery space.
Speaking of the growth of Vietnam’s economy, Aqeel Alrajhi, the CEO of Wealth Well, has emphasized, “The Vietnamese economy continues to grow remarkably driven by domestic local demand and the attraction of global players to localize their supply chains. Loship is embracing this growth story in a grand manner. Loship is not just an app; it’s an entire ecosystem centered around providing speedy and various logistics solutions in a convenient way.”
Sharing the same sentiment, Moje Akhbari, Lozi’s investor and board advisor said, “Trung is doing the right thing, at the right time with the best people. Focusing in growing the endless opportunities for SMEs and local Vietnamese businesses to provide their services and products to consumers has enabled Loship to be extremely relevant to technological advances in Vietnam, continuing to serve its customers in innovative, efficient and faster ways. Trung and his team are focusing on customer experience, quality products and service with speed while integrating the best innovations and technology to make everyday tasks easy and simple for Vietnamese customers. Loship is positioned well in doing well by doing good.”