JAKARTA (TheInsiderStories) – Waresix, platform trucks and warehousing services at the forefront of Indonesia, get additional funding worth of US$11 million from EV Growth and Jungle Ventures, said the company today (01/14). In July 2019, the startup earned $14.5 million in Series A funding round led by EV Growth and in the past 18 months has raised capital of $27.1 million.
Andree Susanto, Waresix CEO, said, “These additional funds further reinforce the main investor confidence and will help us strengthen market dominance while preparing this financing round Series B in 2020.”
While, Yash Sankrityayan, Principal Jungle Ventures, stated, “We are very pleased with Waresix growth, ability to hook the clients, and business performance. Not only the success they increase the monthly income of more than 30-fold in 2019, they also do it with class best margins than its peers in Southeast Asia.”
As a result, he adds, Waresix posted a positive EBITDA.
In addition, Willson Cuaca, co-founder of East Ventures and managing partner of EV Growth, said, “We focus on the growth rate of the company’ rapid and successful end to 2019 with a profit. This is small bonus for us as a growth-stage investors.”
Waresix connect with the shipping service provider businesses use existing transportation services or truck and warehouse space across Indonesia. The company now has 30,000 trucks and 300 warehouse operators at various locations in the country, in its platform.
Based an official data, condition-shaped island nation makes the cost of logistics in Indonesia has become one of the highest in Asia, and even contributed to a quarter of Indonesia’s gross domestic product reached $1 trillion. The country’ position in Logistics Competitiveness Index 2018 released by the World Bank is constantly improving.
However, the logistics costs to GDP ratio of Indonesia still reached 24 percent, lagging behind Thailand and Malaysia. This creates a potential value of $240 billion in the logistics sector in Indonesia. High logistics costs are not only undermining the competitiveness of the industry, but also increase the cost of doing business for SMEs in the Indonesia.
Earlier, the investment fund company announced has injected undisclosed Series B funding to Homage, a leading on-demand caregiving services platform. The double-digit round was led by EV Growth, with new investors Alternate Ventures and KDV Capital also joining the round and participated by existing investor HealthXCapital.
Launched in 2017, Homage delivers personalised and holistic care to individuals, families, and organisations to enable wellness and recovery, be it at home, point-to-point (for medical tourism or escort and transportation), or care within the health and aged care facilities.
Since its founding, the company has expanded rapidly. For instance, growing their B2B business more than 400 percent in 2019, and six-fold for their Malaysian operations since the beginning of the year. Homage also has established the largest fully screened pool of close to 2.000 qualified care professionals in South East Asia.
“In our next phase of growth, we look forward to partnering EV Growth to create more impact in our mission to provide deeper and more personalised support for our long-term care needs,” said Gillian Tee, co-founder and CEO of Homage in an official statement.
Recently, EV Growth closed an additional $50 million for its first fund, bringing the fund size to $250 million. The achievement is the result of the firm’s admission of new Limited Partners, which include several Asian based family offices and two of Asia’ largest sovereign wealth funds, including Singapore’ Temasek Holdings.
The firm plans to deploy $325 million for South-east Asian startups by combining active funds size, for both seed and growth stage.
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