Vietnamese logistics startup EcoTruck secures $1.7m pre-Series A funding

Ho Chi Minh City-based logistics startup EcoTruck has raised a $1.7 million pre-Series A funding from South Korean and Vietnamese investors, an executive with the company confirmed to DEALSTREETASIA.

Backers include Access Ventures, Nextrans and FuturePlay from Korea, and Viet Capital Ventures – a newly established Vietnamese firm associated with IDG Ventures Vietnam’s vice president Pham Hop Pho.

The news was first reported by e27.

EcoTruck will use the latest investment for platform enhancement and more hires, said Le Hoang Anh, founder and CEO of EcoTruck. Prior to this bridge round, the startup had raised $300,000.

With the current focus of development within Vietnam, EcoTruck plans ahead for Southeast Asia expansion after a series A round.

Established in 2017, EcoTruck provides B2B logistics services to connect merchants and logistics operators. To date, the company has worked with over 90 logistics vendors in Vietnam, who are managing 700 container trucks in Hai Phong and Ho Chi Minh City.

Hoang Anh said, the firm recorded a trucking GMV of $130,000 in August, while trucking revenue stood at $6,500. EcoTruck also earned $2,500 in revenue from other services including customs and freight booking.

The company’s services have helped reduce logistics costs for its partners by up to 20 per cent.

Vietnam’s logistics costs accounted for 21 per cent of the country’s GDP last year, according to data provided by the Vietnam Logistics Association.

Despite being the “backbone” of the economy, the local industry is challenged by poor infrastructure, large inventory as well as manual management, said Hoang Anh.

“With technologies and the right business model for a much bigger scale, EcoTruck can operate with a much lower cost, resulting in much lower prices (end prices of goods),” he said.

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

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).   

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  • 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. 
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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.