Indonesian logistic startup Waresix on Thursday announced that it received an undisclosed amount of investments in its Series B round. Existing backers such as EV Growth and Jungle Ventures participated in this round, along with new ones such as SoftBank Ventures Asia, Indonesian conglomerate Emtek, Pavilion Capital, and others.
“The capital will be invested in developing the most robust logistics technology infrastructure in Southeast Asia,” said Waresix CEO Andree Susanto, who added that some money will be allocated to strengthen his team.
The funding came after the extended Series A round back in January, which amounted to USD 25.5 million. The company’s total funds raised now reach about USD 100 million.
Founded in 2018 by Andree Susanto and Edwin Wibowo, Waresix connects shippers and businesses with transporters and warehouse space across Indonesia. Today, the startup has more than 40,000 trucks and 375 warehouse operators in the country. It has also integrated its services with key logistics facilities such as a Jakarta’s port, which has allowed Waresix to expand its reach beyond Java and Sumatra to all main islands.
In the World Bank’s 2018 Logistics Performance Index, Indonesia’s logistics sector still lagged behind neighboring countries such as Thailand and Malaysia. Susanto and Wibowo saw an opportunity to reduce the USD 240 billion of shipping costs, one of the highest in Asia.
“We consider the fact that logistics is one of the major bottlenecks in accelerating GDP growth as both a challenge and a tremendous opportunity,” said Susanto. Waresix claims that it has been profitable on a net income basis since June 2019.