The Unilever Foundry, the global startup collaboration platform of consumer goods giant Unilever, made a strategic investment in Malaysian on-demand logistics startup TheLorry, which plans to expand into four markets across Southeast Asia.
Founded in September 2014, TheLorry offers on-demand cargo transportation services throughout Malaysia, Indonesia, and Singapore.
Under the new deal, Unilever will underpin the startup’s planned expansion into Thailand, Indonesia, Vietnam, and the Philippines.
The collaboration also gives TheLorry an opportunity to further scale across Unilever’s supply chain network.
In exchange, Unilever will acquire equity of convertible preference shares from the Malaysian startup, which will help Unilever get its products to customers in the region through its services, according to a statement.
TheLorry will also move part of its core management to Level3, Unilever’s own co-working space in Singapore.