East Ventures invests in Indonesian on-demand warehousing startup Waresix

Waresix

Indonesian on-demand warehousing company Waresix announced today that it has raised an undisclosed amount of seed funding from East Ventures.

According to an official statement, the fund raised will be used to accelerate Waresix’s mission to develop its warehouse network, infrastructure and cloud-based platform.

Waresix, a platform that matches unused warehouse space with users in need of such facility, looks to capitalize on the demand for flexible warehousing given the booming e-commerce market in the country.

“Distribution and logistics have always been a challenge in Indonesia due to its archipelago structure. Waresix provides a solution for dynamic warehousing strategy that allows our customers (retailer, distributor and manufacturer) to quickly adapt to variable demand,” says Waresix CEO Andree.

The startup, which already has operations in major cities including Jakarta, Surabaya, Makassar and Balikpapan, says it uses technology that utilizes algorithm to help users find the best warehouse to store their products in.

It also uses a cloud-based software that enables users to manage their reservations, access operation visibility such as inventory management and shipment, and manage contracts and billings across different warehouses.

“This solution will only work in the market that has significant digital commerce players, and we hope Waresix could capitalize Indonesia market quickly,” said East Ventures managing partner Willson Cuaca.

The investment in Waresix is the latest from East Ventures which has had a busy month. Earlier in February, the early-stage venture fund participated in a seed funding round for Indonesian retail tech startup Warung Pintar. This came only days after news of its involvement in the series A funding round for New Zealand-based exascale computing firm Nyriad.

With the growth of e-commerce in Indonesia amid the countries logistics challenges, a number of startups looking to provide solutions to the problem, have been backed by investors to seize the opportunity in the market.

Early in February Jakarta-based logistics solutions provider Etobee was said to have closed a post-Series A bridge round of $3.5 million, while Singapore-based Ninja Van managed to raise an $85 million Series C funding to consolidate its presence across its operating markets including Indonesia.

The growth of e-commerce transaction in Indonesia has been around 17 percent annually in the last 10 years. With the assumption of recording the same rate of growth, the total e-commerce transaction in 2018 is predicted to reach Rp 102 trillion ($ 7.14 billion).

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.