Thai firm invests in Hong Kong-based Lalamove
HONG KONG-based on-demand delivery app Lalamove has successfully secured US$10 million (Bt357 million) in funding with the help of a new Thai investor, along with the company’s existing investors.
Thai financial and investment-services company Asia Plus Group Holdings has invested in Lalamove to drive the company to profitability and to complete Lalamove’s third-round funding over the past 18 months. The latest cash injection brings Lalamove’s total funding to $30 million. The latest round of funding was led by existing investor MindWorks with participation from other existing investors including China’s Crystal Stream, Taiwan’s AppWorks and Hong Kong’s Aria Group.
After Lalamove’ s recent partnership with Line to launch the Line Man app, the funding success reveals the speed at which Lalamove is growing, said its chief executive officer, Shing Chow.
“There is so much potential in making delivery more efficient as mobile Internet is changing the way mobile assets are utilised,” Chow said.
“This funding will be used to accelerate our leadership position and expansion efforts throughout China and [Southeast Asian] countries. It’s really a vote of confidence from our existing investors in our model and team. “It is our goal to be profitable this year, and it’s quite rare that you see a start-up growing at our speed, achieving that in less than three years. We are on track to deliver that.”
This is the first time Asia Plus Group Holdings has invested in a tech company. The Thai firm’s CEO, Kongkiat Opaswongkarn, is positive about the investment.
“The fact that we are investing in an app company for the first time really demonstrates how much we believe in the success of Lalamove and the e-logistics market in Thailand and within Southeast Asia.
“We have followed the expansion, strategy and successes of Lalamove and we like what we see and the great potential for profitability. We are excited to be helping to make that happen and to be part of that success story.” Santit Jirawongkraisorn, co-founder and managing director of Lalamove Thailand, said the investment from Asia Plus Group Holdings revealed great confidence in Lalamove.
“We are involved in a fast-moving company in an expanding market with huge potential. The recent funding reveals investor confidence in our business plans, including Thai investor confidence.
