Indonesian logistics startup Waresix banks $14.5m from EV Growth, others

Indonesian logistics startup Waresix secured US$14.5 million in a series A round led by venture capital firm EV Growth.

Indonesian VC firm SMDV and Singapore’s Jungle Ventures also participated in the round.

Photo credit: Waresix

Waresix connects shippers and businesses with available trucks and warehouses across Indonesia. With the funding, it plans to expand the coverage of its services and further invest in research and development to improve its data analytics capabilities.

The company also said it will continue to develop its land transportation and warehousing network and make further improvements to its supply chain process. It claims its ecosystem now includes over 20,000 trucks and 200 warehouse operators across the country.

Waresix also looks to expand its team, focusing on people with data science, operations, logistics, finance, design, marketing, and sales expertise.

According to the World Bank’s 2018 Logistics Performance Index, Indonesia’s logistics sector, which is hampered by the country’s archipelagic makeup, still lags behind its regional peers despite improvements in recent years.

Waresix aims to tackle the problem by improving utilization and providing multimodal services, including land and marine transportation, general cargo handling, and cold storage.