Indonesia’s Waresix bags $11m from EV Growth, Jungle Ventures

Waresix, Indonesia’s trucking and warehousing platform, today announced that it has raised US$11 million in an extended series A round from EV Growth and Jungle Ventures.

Photo credit: Waresix

The extension comes less than six months after the company’s US$14.5 million series A round in July 2019, bringing its total capital raised to more than US$27.1 million in equity in the last 18 months.

Waresix also said it has raised debt and working capital facilities from regional banks and lenders to support its growth.

Founded in 2017, the startup connects shippers and businesses with available transporters or trucks and warehouse spaces across Indonesia. It currently reaches over 30,000 trucks and 300 warehouse operators across the archipelago, according to a statement.

Citing data, the company said Indonesia has one of the highest logistics costs in Asia, lagging behind Thailand and Malaysia. This, however, results in a US$240 billion opportunity.

“Since the inception of the company, we realized that Indonesia presents a unique archipelago landscape, which means multimodal transportation and warehouse hub distribution paradigms will be critical to tackling the logistics sector,” said Michael Gani, chief product officer of Waresix.

In 2019, Waresix has grown its monthly revenues by more than 30x and achieved EBITDA profitability, according to Yash Sankrityayan, principal at Jungle Ventures.

Andree Susanto, CEO of Waresix, said that the company’s intercity trucking and transportation business has grown “very rapidly” in 2019 since it started operations in Q4 2018. Waresix is now planning for a series B raise this year.

The startup previously closed a US$1.6 million pre-series A funding round with East Ventures and Monk’s Hill Ventures in October 2018.