Los, the Vietnamese on-demand e-commerce platform that started as a reviews app, announced today it had raised $12 million in pre-Series C funding, bringing its valuation to $100 million. The round was co-led by BAce Capital, an Ant Group-backed venture firm, and the direct investment unit of Sun Hung Kai & Co Limited.
Founded in 2017, Los offered one-hour deliveries for an extensive range of products and services, including food, ride-hailing, medicine, and B2B supplies. The company says it has more than 70,000 drivers and 200,000 merchants and serves about 2 million customers in Hanoi, Ho Chi Minh City, Da Nang, Can Tho, and Bien Hoa.
The new round brings Loship’s total raised to $20 million. Its previous funding was a bridge round from MetaPlanet Holdings, announced in February 2021. Los is in the process of raising a Series C, expected to close by the end of this year, and is in advanced talks with investors.
Co-founder and chief executive officer Trung Hoang Nguyen told TechCrunch that Loship raised a pre-Series C round because “there are so many investors participating in our Series C round that we find it would take a long time to completely close.” As a result, Los decided to split the round into a pre-Series C and Series C.
MetaPlanet Holdings returned for the pre-Series C round, seeing participation from Wealth Well, Prism Ventures, and SQ Capital Group (SCCG Ventures Asia). Individual investors included former Starbucks Vice President Mojtaba Ahkbari; FNZ Group APAC chief executive officer Tim Neville; BNP Paribas global macro sales director Ben Fitzpatrick; DASS-Inc founder and CEO Wayne Cowden; EC1 managing partners Simon Eglise; Ilwella Pty Ltd director Quentin Flannery; Prenzler Group director Jonathan Feil; and iVS CEO Milan Reinartz.
Lordship’s new funding will be used to expand into new cities and grow verticals like B2B deliveries for small food and beverage businesses and retail stores. As part of the round, BAce Capital founder Benny Chen, the former managing director of Ant Group India, invested in Paytm and Zomato, will join Loship’s board of directors.
Co-founder and CEO Trung Hoang Nguyen said Loship has an “obvious path to profitability.” The company started as an online review platform before people began using it to buy and sell items through chats.