Indonesian logistics startup Waresix has raised another $1.9 million in Series B funding, bringing the total raised in its latest round to nearly $74 million, according to data from Venture Cap Insights.
The additional Series B funding came from Legend Power Developments Limited, OKO Markets, and Gan Inovasi Solusindo (Gankapital).
Three-year-old Waresix, which focuses on mid-mile logistics service, had earlier received commitments from Temasek subsidiary Pavilion Capita, long-term backer EV Growth, and venture firm East Ventures in its Series B funding.
The firm had raised a total of over $27.1 million for its Series A financing round, which was also backed by EV Growth and Jungle Ventures.
Waresix’s platform connects small and fragmented trucking and transport companies with corporations by offering solutions from order matching to planning, routing, and scheduling. The startup claims to have worked with over 30,000 trucks and 300 warehouse operators across the country. The company’s clients include Unilever and Indofood.
Logistics costs in the archipelago of Indonesia are among the highest in Asia, accounting for as much as 24% of the country’s $1 trillion gross domestic product (GDP), Waresix said. This makes logistics in Indonesia a $240-billion opportunity.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has also put together a table listing out prominent venture capital transactions in Southeast Asia in the week beginning February 8.
|Startup||Headquarter||Investment Size (US)||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry|
|Mosaic Solutions||Philippines||$1 million||Pre-Series A||Gentree Fund||Software|
|TechNode Global||Singapore||$1 million||Seed||Kairous Capital||Nutty Capital, SPH Ventures||Media|
|SWAT Mobility||Singapore||Global Brain||Transportation / Mobiity|
|Waresix||Indonesia||$1.9 million||Legend Power Developments, OKO Markets, Gankapital||Logistics|
|Onycho Pharma||Singapore||$960,000||Rapid Physiocare, JDTT Holdings||Pharmaceutical|
|GetDoc by Jireh Group||Singapore||$506,000||Kaivestor||Healthcare|
|Nusantics||Indonesia||$1.5 million||Series A||East Ventures||Biotechnology|
|Avion School||Philippines||$125,000||Y Combinator||EdTech|