Vietnamese ecommerce startup Lozi, operator of the Loship app, announced it has raised a bridge round of financing led by Singapore-based Vulpes Investment Management.
Photo credit: Lozi
The round was joined by Saudi Arabia-based Daal Ventures, Wealth Well, Nigerian VC firm Eucagi Ventures, KI Group, and Moje Akhbari, former managing director for Starbucks Greece and Cyprus.
Founded in 2013, Lozi started off as an app for finding food, beverage, and coffee shops that targeted Generation Z and millennial users. In 2015, it transformed into a social customer-to-customer ecommerce network then expanded into intra-city delivery with Loship in late 2017.
Lozi currently offers services such as food, grocery, medicine, package, flower, and B2B supply delivery, as well as ride-hailing and laundry services.
It claims to have a fleet of more than 70,000 drivers and 200,000 merchants, serving almost 2 million customers across the cities of Hanoi, Ho Chi Minh, Da Nang, and Can Tho.
With the new funds, the company plans to expand its B2B delivery offering for small businesses, it said in a statement.
See also: Can Temasek-backed Scommerce beat a sea of rivals in Vietnam’s logistics race?
“This round of financing is timed nicely with the spurt of growth we’re seeing in our delivery business across Vietnam as Covid-19 has pushed more food and beverage businesses to move online,” said Trung Hoang Nguyen, founder and CEO of Lozi.
Lozi last raised funding late last year, securing an eight-digit amount in a round led by South Korea’s Smilegate Investment.
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