Indonesian trucking and warehousing startup Waresix says it has closed its series B funding round, raising about US$100 million over the last year.
Photo credit: Waresix
Participants in the round include existing backers Jungle Ventures and EV Growth and new investors SoftBank Ventures Asia, EMTEK Group, Pavilion Capital, and Redbadge Pacific.
East Ventures also led Waresix’s seed round back in 2018. Since then, the company has raised money from the likes of SMDV, Triputra Group, and Monk’s Hill Ventures; the latter, however, has since exited.
“The capital will be invested to develop the most robust logistics technology infrastructure in Southeast Asia, and further build out our world-class team to help us seize a large market opportunity,” said Waresix CEO Andree Susanto.
Founded in 2017, the logistics platform connects shippers to available transporters and warehouse spaces across Indonesia. It provides a one-stop solution for land or sea transportation, as well as cold storage and general cargo handling.
Waresix says it has over 30,000 trucks and 375 warehouses on its platform, covering 96 cities in Indonesia to serve customers such as Unilever, Indofood, and JDID. The company claims to be profitable on a net income basis since June 2019.
Waresix most recently announced a round of funding in January, bagging US$11 million in an extended series A raise from EV Growth and Jungle Ventures.
According to Jungle Ventures principal Yash Sankrityayan, Waresix grew its monthly revenues by more than 30x and achieved EBITDA profitability last year.
Update (September 10, 11:00 am): This article was updated to include details from Waresix’s official statement.
Editing by September Grace Mahino and Putra Muskita
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