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LOGIVAN secures Singaporean investment

Released at: 14:06, 26/03/2018

LOGIVAN secures Singaporean investment

Photo from Logivan Facebook

Insignia Ventures Partners invests $600,000 in freight-with-trucker connecting platform.

by My Van

The Singapore-based Insignia Ventures Partners, founded by former Sequoia Capital venture partner Yinglan Tan, has invested $600,000 in the Vietnamese freight-with-trucker connecting platform LOGIVAN.

Linh Pham, Founder of LOGIVAN, said the fresh capital will enable it to expand to Ho Chi Minh City and other major economic hubs in Vietnam, serving companies that have high transportation needs.

After noting that 70 per cent of trucks in Vietnam return from their destination empty due to a fragmented logistics market, Linh Pham founded LOGIVAN as a connecting platform for trucks, becoming the first company in Vietnam working to “Uberize” the trucking industry with technology.

LOGIVAN offers a central platform that tracks the location of freight and trucks, enabling it to optimize truck routes and reduce their empty load return rates. To book a truck, customers access LOGIVAN online and indicate how many trucks they require and what type of cargo they need delivered.

Linh Pham, a former Goldman Sachs technology analyst and Cambridge University graduate, earlier founded Snappetite, a platform for deals, before launching LOGIVAN. According to World Bank rankings, Vietnam is 64th out of 160 countries in the world in logistics development and fourth in ASEAN after Singapore, Malaysia and Thailand.

Vietnam’s logistics costs remain high, equivalent to over 20 per cent of GDP, compared to 9-14 per cent in developed countries, according to the Vietnam Logistics Association.

Insignia Ventures Partners is a venture capital firm specializing in startup investments. It closed its maiden fund at $120 million in February. The milestone came less than a year after Tan left Sequoia’s office in Singapore and also marks the largest ever maiden vehicle by a venture capital firm in the region.

The LOGIVAN app connects thousands of reliable trucks to meet all needs anytime, anywhere at competitive prices.

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