Fresh Factory bags over $4m to tackle cold chain fulfillment

Fresh Factory founders (left to right) Widijastoro Nugroho, Andre Septiano, and Larry Ridwan / Photo credit: Fresh Factory

Cold chain logistics remains a high-potential but untapped segment in Indonesia. This is partly due to the sector having larger setup and operational costs compared to the usual logistics operations.

One of the local names to watch in the space is Fresh Factory, a cold chain fulfillment and enabler startup. It has secured a new funding round led by SBI Ven Capital through its joint fund with Kyobo Securities and NTUitive – Nanyang Technological University’s innovation and enterprise company.

Fresh Factory offers decentralized cold chain storage facilities, pick-and-pack services, and last-mile deliveries to online and offline retailers. Its network has grown to over 40 fulfillment centers across 22 cities in Indonesia.

Funding details

• Funding amount: $4,150,000
• Lead investor: SBI Ven Capital
• Other investors: East Ventures, Trihill Capital, Tap Applied Agri Services
• Stage: Pre-Series A

The company said it saw a 10x increase in annual gross merchandise value and doubled its client base in the past 12 months. It currently serves both established enterprises like Danone and Sirclo, as well as up-and-coming companies such as Eden Farm and Kin Dairy Fresh Milk.

Fresh Factory will use the new funds to scale to over 100 fulfillment centers across 50 Indonesian cities by the end of the year.

More details