Coldspace bags $3.8m to expand full-stack cold chain solutions

Coldspace’s management team / Photo credit: Coldspace

The cold chain industry plays a crucial role in Indonesia due to the country’s tropical climate and scattered geography. Because of these factors, it’s challenging to maintain the quality and safety of perishable goods such as food, beverages, pharmaceuticals, and chemicals during storage and transportation.

That’s the problem Coldspace tries to solve. Founded in December 2022, the Indonesian startup is building an end-to-end cold chain system. It currently manages 3,000 tons of cold storage capacity and 20 reefer trucks across Greater Jakarta, Surabaya, Malang, Bali, and Medan.

Recently, the firm secured its first external round of funding from a crop of local logistics and agriculture companies, which will help it expand its capacity and area coverage.

Funding details

• Funding amount: $3,800,000
• Lead investors: Intudo Ventures, Triputra Group, ASSA
• Other investors: MKA, ITS
• Stage: Seed

Coldspace serves both B2B and B2C customers, ranging from exporters, importers, and distributors to F&B producers. Besides having its own cold storage facilities and reefer trucks, the startup also operates an aggregated marketplace of third-party cold chain partners.

According to CEO and co-founder Arnold Giovanni, Coldspace managed to build 15 distribution centers within just three months of launch.

In 2021, Indonesia’s cold chain logistics space was worth almost US$5 billion, and it’s set to grow at a compound annual growth rate of 10.2% in the next 10 years, according to Allied Market Research.

See also: Cold chain may be the next opportunity for Indonesia’s logistics startups

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