This round of financing was jointly led by venture capital firm BAce Capital backed by Ant Group and investment unit of Sun Hung Kai Co. Lt., an investment company listed in Hong Kong.

The money will help Loship increase its presence in five key markets including Ho Chi Minh City, Hanoi, Da Nang, Can Tho and Bien Hoa.

The start-up plans to expand its business activities into other localities, invest in upgrading technology and promote the growth of B2B services.

With the new round of funding, Loship expects that 10 percent of the Vietnamese population will use the app in the next two years. The company also aims to become a leading one-hour delivery and e-commerce company in Vietnam.

This is the second funding Loship has received this year. Previously, in February, this food delivery and e-commerce start-up successfully raised capital from Skype co-founder Jaan Tallinn through the MetaPlanet Holdings Investment Fund.

Loship traced its roots back to Lozi, an app that helps users find food, beverage, and coffee shops.

In 2017, it transformed into a delivery service platform and now provides one-hour delivery for a variety of products and services, including food and medicine./.

Source: VNA