Indonesia’s Sicepat bags $50m in Series A funding from Barito, Kejora Intervest

Indonesia-based logistics startup Sicepat Ekspres had raised $50 million in Series A funding last year from Barito Teknologi and Kejora InterVest Growth Fund, the company disclosed on Tuesday.

The startup said the funding was one of the largest Series A rounds recorded in the region.

Sicepat caters to e-commerce and online merchant requirements and offers couriers, warehouses and air and cargo delivery across the archipelago. It claims to support more than 200,000 package deliveries on a daily basis in Indonesia.

Sicepat plans to use the newly-secured funding to increase its logistics capacity to serve a wider number of customers.

“Logistics is a strong growing industry to support the rapid e-commerce growth in Indonesia and the retail boom in Southeast Asia in general. With the increasing ease-of-business and online shopping exchange within the region, synergies with Indonesia’s champions are needed sooner than later to ensure our fulfillment capability,” said Kejora Ventures founding partner Sebastian Togelang.

The startup had previously raised seed funding of $3.5 million from Kejora Ventures in 2017.

Barito Teknologi is the investment arm of Indonesia’s largest petrochemical group Barito Pacific. The investment in Sicepat is its first direct investment into a technology startup. Barito Teknologi is also a limited partner in Kejora’s funds.

Kejora InterVest Growth Fund is a joint fund between Kejora Ventures and South Korea’s venture capital firm InterVest Co. InterVest usually invests in early-stage startups focusing its business in healthcare, biotechnology, machinery, and telco solutions.

Also Read:

Indonesia’s Kejora Ventures hits final close for second fund

Kejora, Intervest to close $100m Southeast Asia fund by 2018-end

Indonesia: Barito Pacific readying $700m to acquire majority stake in Star Energy

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.