SINGAPORE, 5th May 2020- Singapore based eCommerce logistic startup Ninja Van raises $279 million in funding from Facebook co-founder Eduardo Saverin’s B Capital and ride-hailing firm Grab.
Existing investor Europe’s GeoPost alongside two sovereign wealth funds have also participated in this round. Other investors include Monk’s Hill Ventures and Golden Gate Ventures Growth Fund.
The company so far has raised a total of $400 million.
Launched in 2014 with operations in Singapore and Malaysia, the company has also expanded into countries like the Philippines, Indonesia, Thailand, and Vietnam.
The company provides services to e-commerce firms like Alibaba’s Lazada, Indonesia’s Tokopedia, and Sea Ltd’s Shopee.
Ninja Van will use this funding to invest in the b2b sector while growing its services for small firms and direct-to-consumer brands.
“We believe that companies like Ninja Van are built to survive and thrive throughout both strong economic climates and uncertain ones,” B Capital’s Saverin said in a statement.
Singapore has implemented a two-month-long social distancing to stop the spread of the novel coronavirus that is due to last until June 1. Due to this, the local Start-ups are facing more challenges in funding and growth environment.