JAKARTA (TheInsiderStories) – Waresix, an Indonesian logistics-tech, secured US$1.6 million in Pre-series A round of funding led by East Ventures and Monk’s Hill Ventures. Also participating in the round are SMDV and Triputra Group.
This follows their previous seed round in February 2018 and reflects the company’s rapid traction over the past seven months. Waresix will use the proceeds from the financing to improve warehouse efficiency through technology and data solutions, expand business offerings and hire new staffs.
Founded in September 2017, Waresix is dedicated to providing efficient and streamlined warehouse services, connecting businesses and individuals in need of warehouse space with professional warehouse operators. In addition, the startup also provides cross-border warehousing services for overseas customers looking to not only distribute their product in Indonesia but also provide warehouse space to manage unexpected last-minute situations.
The Waresix team is led by co-founders Andree Susanto as a chief executive, Filbert as a chief technology officer and Edwin as a chief financial officer, three former schoolmates who met as engineering students at UC Berkeley eight years ago. The team aims to tap into Indonesia’s burgeoning logistics market, which is estimated to be worth $240 billion and growing 14 percent annually.
Of this market, warehouse needs and fulfillment account for 16 percent of economic activity, equal to a total market size of over $30 billion. This segment is expected to grow substantially alongside Indonesia’s rapidly growing e-commerce sector.
Waresix currently covers 26 cities, including Greater Jakarta, Semarang, Surabaya, Balikpapan, Samarinda, Banjarmasin, Makassar, Pekanbaru and others across the Indonesian archipelago. The company’s marketplace includes over 75 professional warehouse operators that handle general cargo, retail fulfillment, and cold storage.
Waresix will continue to leverage its technology and data capabilities to drive increased efficiency for the overall warehousing industry and develop new products and features for both warehouse customers and providers to better meet their storage needs.
Willson Cuaca, Managing Partner at East Ventures, said, “Supply chain and infrastructure challenges are natural causal effect for Indonesia being the world’s largest archipelago with around 17,000 islands. As Indonesia’s e-commerce industry grows at extremely fast pace, it is important to ensure that movement of goods is as efficient as possible- which made warehousing industry an inevitable part of supply chain optimization.”
He added, the past seven months has convinced the investors that the team has the capability to champion the market.
“Logistics is a fast-growing sector increasingly driven by technology changes, on both the demand and supply side,” said Kuo-Yi Lim, Managing Partner at Monk’s Hill Ventures. “We are pleased to be working with the founders and our co-investors in this endeavor,” he stated.
East Ventures is an early stage venture fund focused on Southeast Asia and Japan. Over several years, East Ventures has invested in hundreds of companies in Indonesia, Singapore, Japan, Malaysia, and Thailand.
The majority of East Ventures’ portfolio firms have been able to raise follow-on financing rounds. East Ventures has a strong track record in developing pan-Asia tech-ecosystems and backing startups in their early days.
Success cases include companies such as Tokopedia, Traveloka, Mercari, Disdus (acquired by Groupon), Kudo (acquired by Grab), Tech in Asia, Omise, IDNTimes, Ruangguru, Jurnal, MokaPOS, ShopBack, EVHive, Pasar Polis and Loket (acquired by Gojek).
Meanwhile, Monk’s Hill is a venture capital fund that invests into high-growth, early-stage technology startups in Southeast Asia. With a mantra of “entrepreneurs backing entrepreneurs”, its founding partners Peng T. Ong and Kuo-Yi Lim are seasoned entrepreneurs who have built and backed global companies in Silicon Valley and Asia.
With offices in Singapore and Jakarta, Monk’s Hill Ventures invests in top entrepreneurs who are leveraging technology to take advantage of the fast-growing Southeast Asian markets.
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