Indonesia's Waresix lifts Series A to $25.5m
Indonesia trucking and warehousing platform operator Waresix has closed an extended Series A round at $25.5 million following new contributions from EV Growth and Jungle Ventures.
EV, a joint venture between East, Indonesia’s Sinar Mas Digital Ventures and Japan’s YJ Capital, joined Jungle in an initial $14.5 million Series A investment last year. Both investors also contributed to a $1.6 million pre-Series A in 2018. Waresix CEO Andree Susanto said the company planned to raise a Series B within the year.
It coincides with significant scaling traction. Waresix claims to have grown more than 30-fold during 2019, achieving profitability. The company’s ecosystem now reaches more than 30,000 trucks and 300 warehouse operators across Indonesia. Clients include local brands looking for logistics services around order matching, routing, scheduling, and data-based insights.
"Waresix clearly is the winner in the first and middle-mile logistics segment,” Willson Cuaca, a managing partner at EV, said in a statement. “It’s been a long journey for us, Andree, and [Waresix co-founder Edwin Wibowo] since we closed our seed deal in Pacific Place, Jakarta, within hours after our first meeting. We will keep doubling down on them.”
Waresix provides end-to-end business support in transportation and warehousing by networking logistics operators via an online platform. Its data analytics service is said to improve transparency, quality of service and income for asset owners. The company claims to differentiate itself through “smart-matching algorithms” and a focus on the unique challenges of local geography.
Indonesia’s archipelago landscape has created one of the highest-cost logistics environments in Asia and is said to account for nearly a quarter of the country’s $1 trillion GDP. About three-quarters of logistics costs are estimated to be related to transportation. Waresix describes the market as a $240 billion opportunity based on World Bank research.
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