PNB-INSPiRE Ethical Fund 1 Investment Business Limited Liability Partnership (“PIEF”) acquired the stock of The Lorry Online Sdn Bhd (“Lorry”), a provider of an online logistics matching platform in the ASEAN countries based in Malaysia, through third-party allocation.
While ASEAN continues to show rapid economic growth, some aspects of the logistics field remain inefficient and depend upon conventional methods. Lorry, a provider of a variety of truck-based logistics services including house moving, intercompany goods transportation, and e-commerce deliveries, has developed an online platform that matches primarily self-employed truck drivers to individuals and companies who are seeking stable and high-quality logistics.
Lorry is the market leader who has more than 6,000 trucks and vans registered in Malaysia and partnerships with global companies such as IKEA, Coca-Cola and Unilever. It has achieved rapid growth and expansion of its overseas operations to Singapore, Indonesia, and Thailand, as well as aiming to enter the Philippines and Vietnam.
Additionally between PIEF, First Floor Capital and Cradle Seed Ventures who are Malaysian leading venture companies, Axiata Digital Innovation Fund founded by a major Malaysian telecoms company, Axiata, and SPH Ventures as a CVC of a Singaporean media company, Singapore Press Holdings, a total of 5.85 million USD has been raised to complete the Series B round. These funds will strengthen its business in operating countries as well as launching in new countries.
The PIEF realizes that streamlining and modernizing logistics services in ASEAN is an urgent issue for an area with extremely high-growth potential through providing business development support for Japanese companies entering the region. This investment harnesses the growth potential in this area, simultaneously PIEF will provide business support to the Japanese companies, who are aiming to enter overseas markets, by means such as access to PIEF network.
About The Lorry Online Sdn Bhd
Headquarters: Selangor, Malaysia
Executive Director: Nadhir Ashafiq
Foundation: October 2014
PNB Inspire Partners Corporation