Indonesian e-forwarding startup Logisly has announced the close of its $6 million Series A funding round led by Silicon Valley-based VC firm Monk’s Hill Ventures, confirming an earlier report by DealStreetAsia.
The company did not disclose the other investors in the round.
In an official statement, the company said it will use the fresh capital to scale Logisly’s operations in Indonesia, by growing sales and vendor acquisition teams to strengthen its network of shippers and transporters and product development.
The deal follows Logisly’s undisclosed seed funding round in August last year. That round was backed by Singapore’s Seedplus, Indonesia-based Convergence Ventures, and Tokyo-based Genesia Ventures.
Co-founded by Kudo’s former head of products Roolin Njotosetiadi, Logisly is a B2B logistics digital platform that connects shippers with trucks under one network, a process powered by real-time tracking. The company also helps provide trucking companies with the facility to utilise idle or vacant trucks and receive quick payments.
The startup works with verified transport companies with fleets ranging from colt diesel, wingboxes, trailers, and even specialised trucks such as flatbeds and reefers.
Logisly claims to serve more than 300 corporate shippers from various sectors, including fast moving consumer goods, chemicals, construction, and e-commerce with a network of more than 40,000 trucks.
“While there is still hard work ahead, in only a year and a half into their journey, the team has grown and managed astutely, already achieving positive contribution margins,” said Justin Nguyen, partner at Monk’s Hill Ventures.