21:51 (GMT +7) - Tuesday 17/09/2019

BUSINESS SPOTLIGHT

Transport app Lokaloop launches and secures investment

Released at: 09:00, 17/06/2019 BUSINESS SPOTLIGHT

Transport app Lokaloop launches and secures investment

Photos: Lokaloop

Newly-launched transport app raises Seed-Round funding from Maki venture capital fund.

by Khanh Chi

The Vietnamese transport app Lokaloop informed that it has successfully raised an undisclosed sum from Venture capital (VC) fund Maki in the Seed Round at the startup’s launch ceremony.

Within the framework of the ceremony, Lokaloop also inked a deal with its strategic partner Eastwood Energy, which specializes in producing biomass fuel from wood waste. Lokaloop will provide solutions to meet Eastwood Energy demand for transporting some 3,500 containers a month.

Signing ceremony between Lokaloop and Maki.VC

Mr. Ilkka Kivimäki, Founder and Partner of the Maki VC fund, signed the investment agreement with the startup. He is the former long-standing Chairman of the European leading start-up event Slush and currently serves as a Board Member of Finland’s Aalto University, a member of the Finnish National Innovation Council and the Finnish National Artificial Intelligence Steering Group. The  €80 million Maki.VC is a top-tier VC fund based in Helsinki, Finland, and often invests in startups in Seed and Series A rounds.

Vietnam’s logistics costs still remain at high, accounting for 20.8 per cent of GDP and are a pressing issue for the industry. Bottlenecks in transport infrastructure have also affected the competitiveness of Vietnam’s economy. In this context, the Lokaloop app has been developed to contribute smart solutions to help transport companies reduce logistics costs and help localities to ease pressure on road transport

CEO Trang Cong Phat presenting “Lokaloop was born with the mission to tackle bottlenecks in transportation and logistics services”

Lokaloop and Lokaloop Driver are intelligent technology ecosystems connecting vehicle owners and shippers through an online auction platform.

The startup connects shippers with truckers in a fast and safe manner. It helps reduce transportation costs by 30 per cent for shippers with its special feature finding empty returning trucks. Truckers also bid on bookings using Lokaloop’s online auction platform, to provide quality services at reasonable prices for customers.

In addition, Lokaloop offers multimodal logistics services combining road and inland waterway transport. Customers can optimize their logistics management by real-time tracking the status of their shipment. Meanwhile, Lokaloop Driver is designed with many unique features for truckers to increase orders and multiply earnings.

It has applied cutting-edge technologies from Industry 4.0, such as artificial intelligence (AI), machine learning, GPS navigation systems, cloud computing, management software, and data integration. The startup is rooted firmly in big data and utilizing these data in a very effective way. It has built intelligent algorithms to tackle any problem and offer the most optimal solutions for users.

“The app not only tackles the logistics cost challenge but also connects with empty running trucks,” said Mr. Trang Cong Phat, CEO of Lokaloop. “Lokaloop also uses big data analysis to solve logistics bottlenecks for businesses.”

“On that basis, Lokaloop will offer smart solutions to connect vehicles with customers in order to shorten the route and cut wasted time in shipments. At the same time, the mobile app also provides multimodal transport solutions between roads and inland waterways. This will help ease pressure on transport infrastructure in provinces, thereby cutting road traffic accidents, greenhouse gas emissions, and other environmental pollutants.”

Mr. Tran Vinh Tuyen, Vice Chairman of the Ho Chi Minh City People’s Committee highly appreciates Lokaloop as a solution to help alleviate pressure on road transportation

Speaking at the launch ceremony, Mr. Tran VinhTuyen, Vice Chairman of the Ho Chi Minh City People's Committee also stressed that Ho Chi Minh City focuses on developing smart city solutions and addressing urban development problems, including solutions to alleviate traffic jams. Therefore, he highly appreciated Lokaloop as an intelligent solution to ease traffic congestion in urban areas. It also helps businesses tackle challenges related to goods transport, logistic costs as well as supporting effective cooperation.

In the ceremony, there was the participation of other representatives from Ho Chi Minh city municipal departments, Information Technology Center under Ministry of Transport, local ports, enterprises as well as, domestic and foreign investment funds.

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