Exclusive: Indonesia’s logistics startup Etobee raises $3.5m bridge funding

etobee
Photo: etobee website

Jakarta-based logistics solutions provider Etobee has closed a post-Series A bridge round of $3.5 million, according to three people aware of the development.

The names of the participating investors could not be ascertained. Etobee’s existing backers include Kejora Ventures, Skystar Capital, Gobi Partners and Axiata Digital Services (ADS).

Etobee Holdings Group CEO Sven Milder, in a phone interaction with DEALSTREETASIA, confirmed the latest funding. However, he refrained from sharing any other details of the transaction.

The company is also in talks with investors to close a double-digit Series B round, which is expected to conclude in the next six months. The proceeds will be used for expansion in Southeast Asia.

Etobee is a crowd-sourced urban logistics delivery platform. It offers a web and mobile application for individuals and businesses to ship and collect any item across the archipelago with options for same-day, next-day and regular deliveries available. It connects users with the nearest courier available and also offers a logistics dashboard for corporates to track deliveries.

The Indonesian firm’s last publicly known funding was a seed round in 2015, where it raised an undisclosed amount from Kejora and Skystar Capital, according to Crunchbase. While its Series A round was not widely reported, Axiata disclosed its participation in the said round in its financial report for the quarter ended September 30, 2017. Per the report, its subsidiary ADS had in March 2017 entered into an agreement to invest $1.5 million as part of Etobee’s Series A round for an 18.75 per cent stake.

Of this, ADS completed the acquisition of a 14.81 per cent stake for $1 million in May last year, with the remaining $500,000 to be invested upon realization of additional conditions. The disclosure also mentioned Singapore’s Bang Bang Venture Pte Ltd and Jimmy Setiadi Wibowo among Etobee’s shareholders.

In addition to delivery tie-ups with retail players such as Lotte Mart Wholesale, Etobee has been eyeing the banking and fintech space too. It claims to include many national and international banks among its clients.

The logistics space in Southeast Asia has been generating strong investor interest on the back of strong e-commerce growth. In January, Singapore-based Ninja Van raised a Series C round reported to be in excess of $85 million. Another prominent deal saw Southeast Asia and China-focused logistics provider Lalamove complete a $100-million Series C funding round in October last year.

There has also been a flurry of early-stage venture investments in logistics and delivery startups in the region. In October last year, Jakarta-based Deliveree raised a $14.5-million Series A round led by Gobi Partners. In November, Thailand’s GIZTIX closed a $1.65-million Series A funding round from AddVentures, Wavemaker and 500 Tuktuks.

More recently, in January, Malaysian on-demand delivery startup Zoom raised $1.01 million in a pre-Series A round led by Gobi Partners and joined by Cana Asia, Spiral Ventures and Cradle Fund.

Also Read:

Singapore: Logistics venture Ninja Van closes $85m Series C

Malaysian startup Zoom raises $1m in Gobi Partners-led pre-Series A

Gobi Partners leads $14.5m round in logistics platform Deliveree