03:07 (GMT +7) - Monday 22/04/2019

Business

LOGIVAN raises $5.5 mn in funding round

Released at: 14:05, 11/02/2019

LOGIVAN raises $5.5 mn in funding round

Photo: LOGIVAN

Logistics startup plans to invest in implementing AI and data analysis as well as human resources.

by Minh Do

Vietnam-based logistics startup LOGIVAN has announced it raised $5.5 million in a funding round from angel investors and venture capital firms across Asia, including Matrix Partners China’s founding Managing Partner Mr. David Su, through his family office, and the Jakarta-based Alpha JWC Ventures.

In a press statement on startup news website e27, the company said the funding round is the largest it has raised to date.

LOGIVAN closed two separate rounds of funding last year: a $600,000 round in April from Insignia Ventures Partners and a $1.75 million round from Ethos Partners, VinaCapital Ventures, and Insignia.

With this latest funding, the company has raised a total of $7.9 million at an undisclosed valuation.

“Vietnam is the next rising star in the growing Southeast Asia region and it is well poised to experience a similar growth trajectory to what we have witnessed over past years in China,” Mr. Su said. “Vietnam’s logistics industry is highly fragmented, with logistics costs making up 23 per cent of Vietnam’s GDP, and 90 per cent of trucks in the country are owned by individuals. Given the success of Manbang, we believe that LOGIVAN has the potential to emulate its success.”

With the new funding round, LOGIVAN plans to invest in data analysis and cross-platform integration to increase supply chain efficiency and optimize the user experience.

It will also invest in artificial intelligence (AI) applications, truck-matching and pricing algorithms (to optimize the utilization of empty returning trucks), and in human resources.

LOGIVAN was founded in November 2017 by Cambridge University graduate Linh Pham to provide cargo transportation services between Vietnam’s northern and southern provinces.

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