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.