Indonesian trucking and warehousing platform Waresix has snagged USD 11 million from EV Growth and Jungle Ventures in an extension round, taking its Series A capital to USD 25.5 million six months after an investment led by EV Growth. The company has raised more than USD 27.1 million in the past 18 months.
Founded in 2018 by Andree Susanto and Edwin Wibowo, Waresix connects shippers and businesses with transporters and warehouse space across Indonesia. The platform provides transparency, reliable service, and boosted income for asset owners. Today, the startup has more than 30,000 trucks and 300 warehouse operators across the country.
As e-commerce matures in Indonesia, the country’s logistics sector has seen major tech-driven developments in the past few years. Industry players agree that logistics companies generally have clear business models, giving them stable revenue channels without burning too much cash. According to a statement released by Waresix, the company is already profitable.
“Customer-focus has been one of the ingredients to our success. By combining our smart-matching algorithms and operation excellence, we set ourselves apart from other players and yield unprecedented services. The year 2020 is an exciting year for us as we look forward to scaling our reach much more aggressively,” said Michael Gani, chief product officer of Waresix, in the statement.
