The round was led by Ethos Partners, Insignia Ventures Partners and Vietnam-based VinaCapital Ventures
Hanoi-based logistics startup LOGIVAN has raised a US$1.75 million Series A round led by Ethos Partners, existing investor Insignia Ventures Partners and Vietnam-based VinaCapital Ventures.
The company will use the newly-raised funding to expand its logistics services in Ho Chi Minh city, Hanoi, Hai Phong and Da Nang. LOGIVAN will also be upgrading its product to serve large corporations and improve its truck tracking and management systems.
“LOGIVAN is in an exciting position and is poised to disrupt the trucking industry in Vietnam,” said Kuok Meng Xiong, Managing Partner at Ethos Partners, in an official press statement.
“We see very similar traits that made other platforms successful: fragmentation on both the supply and demand sides, a high rate of individual ownership of vehicles and excess capacity in the system.”
Founded in 2017 by Linh Pham, a former Goldman Sachs technology analyst and Cambridge University graduate (majoring in entrepreneurship and psychology), LOGIVAN offers a marketplace that connects freights with truckers directly.
Its central platform tracks the location of freights and trucks. In doing so, the company is able to optimise the trucks’ routes and reduce their empty load return rates. To book a truck, clients access LOGIVAN’s marketplace on the web and indicate how many trucks they require and the type of cargo that needs to be delivered.
LOGIVAN raised US$600,000 from Insignia Ventures Partners in March this year.
Image Credit: LOGIVAN
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