Kalanick’s fund makes SE Asia debut, joins Kargo’s $7.6m Sequoia-led round

Travis Kalanick. Photographer: David Paul Morris/Bloomberg

Indonesia-based Kargo Technologies on Wednesday announced that it had raised a $7.6-million seed funding round led by Sequoia Capital India and joined by Uber co-founder and former CEO Travis Kalanick’s 10100 Fund.

DEALSTREETASIA had earlier in the day reported that Kalanick had picked a stealth Indonesian logistics startup co-founded by former Uber Indonesia country manager Tiger Fang for his first Southeast Asia investment.

According to an official statement, Kargo’s round was backed by Pandu Sjahrir of Agaeti Ventures, Northstar Group co-founder Patrick Walujo, Intudo Ventures, ZhenFund, ATM Capital and InnoVen Capital.

The startup’s co-founder, the statement confirmed, is Fang, who was the general manager for Uber in western China before taking charge of its Indonesia operations. He was also part of the founding team at Lazada Thailand and Vietnam.

Confirming the DEALSTREETASIA report, the statement disclosed that Fang’s co-founder and Kargo CTO is Yodi Aditya, the former CEO of logistics and freight exchange platform Kargo.co.id.

Kargo Technologies describes itself as an online freight logistics marketplace that connects commercial shippers with truckers across Indonesia. It says its platform will allow shippers, transporters and truckers to connect, transact and track shipments in real time.

“Kargo’s platform is designed to solve the problem of unreliable availability, opaque pricing and lack of trust with payment cycles with an easy-to-use mobile app,” said Kargo CEO Tiger Fang in a statement.

The investment by 10100 marks the first Southeast Asia deal for Kalanick, who launched the fund in March 2018. The fund focuses on investments in real estate, e-commerce and emerging innovations in China and India.

Kalanick, who was ousted from Uber in 2017 after a series of scandals, has made two publicly known investments from the fund so far. In March, he acquired a $150-million controlling stake in City Storage Solutions, the Los Angeles-based parent of kitchen rental service CloudKitchens. In June 2018, 10100 invested in US-based real estate marketplace Opendoor.

The South China Morning Post had in February reported that Kalanick was planning to bring CloudKitchens to China in partnership with Zhang Yanqi, the former COO of bicycle-sharing firm Ofo. Based on the smart or virtual kitchen concept, the venture allows entrepreneurs to set up and share kitchen space for the purpose of catering exclusively to those ordering in.

Earlier this month, Bloomberg reported that Kalanick may soon face competition from a familiar name. Uber, it said, is currently conducting a pilot programme for shared kitchens, which would complement its Uber Eats food delivery business. It remains to be seen whether Uber would jump into the business itself or partner with players such as Kalanick’s venture.

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.