Malaysian logistics startup TheLorry announced it has raised $5.85 million in a Series B round led by FirstFloor Capital, according to VC News Network. Other participants include PNB-INSPiRE Ethical Fund I, Cradle Seed Ventures, Axiata Digital Innovation Fund and existing funder SPH Ventures.
The latter is the capital firm spin-off owned by Singapore media company Singapore Press Holdings Limited.
PNB-INSPiRE Ethical Fund I is the first shariah-compliant Japan private equity fund.
TheLorry, founded in 2014, connects thousands of shippers with truck, pickup truck and van owners across southeast Asia. Customers choose via mobile app or website the vehicle and driver they need from a fleet of over 7,000 vehicles and large trailers. Services include heavy-load transportation, like residential or office relocation, as well as the disposal of large or heavy items.
TheLorry will use the new funding to boost its presence in its four current markets – Indonesia, Malaysia, Singapore and Thailand.
The round follows an undisclosed February 2015 seed investment from Singapore-based KK Fund.