Indonesian logistics startup Waresix bags $11m Series A extension from EV Growth, Jungle Ventures

DCIM100MEDIADJI_0054.JPG

Indonesian logistics startup Waresix has secured $11 million in a Series A extension round from EV Growth and Jungle Ventures.

The fresh cash injection came less than six months after Waresix announced its $14.5 million Series A financing led by EV Growth.

With this, the startup has raised a total of over $27.1 million to date. Waresix is planning a Series B round this year, added its CEO Andree Susanto.

“Our intercity trucking and transportation business has grown very rapidly in 2019 since we started in Q4/2018,” he said.

The company has grown its monthly revenues more than 30 times in 2019 and is currently EBITDA profitable, revealed Yash Sankrityayan, Principal at Jungle Ventures.

Closing the past financial year with a profit was a “bonus for us as a growth investor”, said Willson Cuaca, co-founder of East Ventures and managing partner of EV Growth, a joint growth fund between East Ventures, SMDV and Yahoo! Japan Capital.

Waresix’s platform connects small and fragmented trucking and transport companies with corporations by offering solutions from order matching to planning, routing and scheduling.

“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,” opined Michael Gani, chief product officer of Waresix.

“We have been very excited by Waresix’s growth, the clients it has cracked, as well as its positive unit economics,” commented Jungle Ventures’s Sankrityayan.

The startup claims to have worked with over 30,000 trucks and 300 warehouse operators across the country.

The archipelago of Indonesia made up one of the highest logistics costs in Asia, accounting for as much as 24 per cent of the country’s $1 trillion gross domestic product (GDP), Waresix said. This makes logistics in Indonesia a $240-billion opportunity.

Other significant investments in the industry include Sicepat’s $50-million Series A, and Kargo and Shipper raising seed rounds of $7.6 million and $5 million respectively.

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.