Singapore's logistics Ninja Van raises $124m in Series D round

Brunei sovereign wealth fund Zamrud joins in investment

A Ninja Van employee unloads his van at the startup's Singapore office. Its latest round of fundraising will bolster the company's cash on hand as it looks to ride out the coronavirus pandemic. © Reuters

KENNETH LIM, DealStreetAsia

April 9, 2020 17:42 JST

SINGAPORE -- Singapore-based last-mile logistics player Ninja Van has raised at least $124 million of new Series D equity capital since April 2019, including a substantial investment from Brunei's sovereign wealth fund, according to data obtained by DealStreetAsia.

Ninja Van also issued $89 million of convertible notes for existing investors Geopost SA and B Capital in 2018 and 2019, from which Ninja Van has obtained $52.4 million of equity capital following conversions at Series D pricing.