The money will be used to strengthen its foothold across Southeast Asia
Ninja Van, a Singaporean logistics company and one of the city’s startup success stories, announced today it has raised a Series C round.
The information provided by the company was minimal; financial details were undisclosed and investor details were held back (e27 has reached out for further details). However, there is some information to get an idea of what to expect.
First, the money is going to be used strengthen its presence across Southeast Asia. In April of 2016, the company raised a US$30 million Series B to kickstart its regional expansion. The Series C round is financing to strengthen its foothold in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
According to a September article from Reuters, Ninja Van was raising US$60 million for this reason.
“With an established network in Southeast Asia covering six high growth markets, the capital raised will be invested towards further improving technology and operational capabilities to help Ninja Van continue our drive in offering hassle-free delivery solutions to businesses of all sizes,” said Lai Chang Wen the CEO of Ninja Van in a statement.
Furthermore, while the participating investors in this round were not mentioned, Ninja Van noted it “works with”, The Abraaj Group, ACE Capital, B Capital Group, DPDgroup, Monk’s Hill Ventures and YJ Capital.
Launched in 2014, Ninja Van is famous as a last-mile of logistics company – having used technology and a fleet of cars to deliver goods around cities. However, since the Series B, the company has grown its ambitions and now describes itself as an end-to-end solutions company.
Furthermore, it has introduced drop-boxes across the region for people/businesses who find that system more convenient.
Ninja Van has about 1,000 employees.
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