Waresix, an Indonesian logistics startup company, raised USD 100 million for its Series-B funding round. Investors include existing backers, EV Growth and Jungle Ventures as well as new backers such as SoftBank Ventures Asia, EMTEK Group, Pavilion Capital, and Redbadge Pacific. The funding will be used to develop the company’s logistics infrastructure and recruit more people into the team.
In January 2020, the company raised USD 11 million on its extended series-A round from EV Growth and Jungle Ventures. Indonesia is seen as a lucrative logistics market, estimated to be worth USD 240 billion.
Founded in 2017, Waresix aims to connect shippers and businesses with available warehouses and trucks across Indonesia. The company provides a one-stop solution for land or sea transportation, as well as cold storage and general cargo handling. Currently, it has 40,000 trucks and 375 warehouses in more than 100 cities across Indonesia with clients such as FMCG leader Unilever, food manufacturer Indofood and e-commerce platform JD.ID. It claims to have been profitable since June 2019.
(Sources: The Jakarta Post; Tech in Asia)