Insignia Ventures, Ethos Partners co-lead $1.75m round in Vietnam’s ‘Uber for trucks’ LOGIVAN

Singapore-based Insignia Ventures Partners and Ethos Partners have co-led a $1.75 million Series A funding round in Vietnamese freight-with-trucker connecting platform LOGIVAN.

Vietnam-based VinaCapital Ventures, which is said to be officially launched on August 30, also participated in the round.

Insignia Ventures Partners, founded by former Sequoia Capital venture partner Yinglan Tan, had earlier invested $600,000 in the truck platform.

The new fund will be used to expand services in Ho Chi Minh City, Hanoi, Hai Phong and Da Nang and upgrade products to serve big logistics corporates and enabling transparency in truck tracking & management, according to Linh Pham, Founder of LOGIVAN.

Founded in September 2017, LOGIVAN is a Vietnamese trucking platform aggregating trucking and shipping capacity over their platform.

After noticing that 70 per cent trucks in Vietnam returned empty due to a fragmented logistics market, Pham founded LOGIVAN as a connecting platform for trucks, becoming the first company in Vietnam working to ‘Uberize’ the trucking industry with technology.

It hopes to reduce inefficiencies in the Vietnamese trucking market valued at over $23 billion.

“LOGIVAN is in an exciting position and is poised to disrupt the trucking industry in Vietnam. 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,” said Kuok Meng Xiong, Managing Partner at Ethos Partners.

Linh Pham was former Goldman Sachs analyst and an alumna of the University of Cambridge. She helped LOGIVAN  become the “Best Startup” in PITCH 2018 at RISE 2018.

Ethos Partners is a Singapore-based investment firm which focuses on the intersection of venture capital and private equity investing in South East Asia. Ethos is led by its Managing Partners Kuok Meng Xiong and Tan Peng Wei. It secures strategic partnerships for its portfolio companies and takes an active role in developing these businesses.

Insignia Ventures Partners is a venture capital firm specialising in startup investments. In February, it closed its maiden fund at $120 million. The milestone came less than a year after Tan left Sequoia’s office in Singapore and also marks the largest ever maiden vehicle by a venture capital firm in this region.

Also Read:

Vietnam: Singapore’s Insignia Ventures invests $600k in truck platform LOGIVAN

Singapore’s online lending platform Aspire raises $9m in Insignia-backed round

Smart-lock startup igloohome raises $4m Series A led by Insignia Ventures 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.