Waresix, an Indonesia-based logistics solutions startup that provides a comprehensive platform for connecting businesses to logistics companies, recently announced that it has raised an additional US$11 million in funds as an extension to its Series A funding round. The fresh funds were acquired from its existing investors Jungle Ventures, a Singapore-based early stage venture capital firm with a focus on regional leading tech startups and companies, and EV Growth, a Singapore-based venture capital firm that was established as a joint venture between Yahoo! Japan Capital, East Ventures and SMDV. Previously, the logistics startup’s Series A financing round, which was carried out last July as well as being led by EV Growth, netted the company US$14.5 million. In addition to its pre-Series A funding, with which the logistics tech startup managed to secure US$1.6 million in funds, the latest injection of fresh capital brings the total amount of funding that Waresix has raised to date to approximately US$27 million.
According to the Indonesian startup, more than three hundred warehouses nationwide as well as over thirty thousand trucks have made use of their platform and logistics solutions to date. What’s more, in order to keep supporting its continued expansion and growth, Waresix has said that it had raised debt from various lenders and banking institutions, though it did not disclose the exact amount. Additionally, the startup’s chief executive officer, Andree Susanto, revealed that the startup has plans for a Series B round somewhere further down the line this year.
Waresix was established by Andree Susanto and Edwin Wibobo with the aim of empowering logistics in Indonesia by way of a comprehensive platform that connects businesses, companies and corporations that want a safe and efficient means of transporting their products to the multitude of transportation and trucking organizations and companies that ply the country’s transportation network. According to Edwin, who is also co-founder of Waresix, the startup has developed a comprehensive and holistic approach to logistics that encompasses not just order matching, but also other important elements as well such as scheduling, planning and routing. Doing so has helped the innovative startup to enable its team to offer much more inclusive and thorough solutions for their suppliers and customers, such as recommendations for metric optimization, actionable insights, and customized counsel that can help them scale up their businesses and accelerate growth.
Waresix’s chief product officer, Michael Gani, said that the startup had already known that Indonesia’s unique geographical features, which makes it the largest archipelagic country in the world with well over 17,000 islands scattered over both sides of the equator, means that a comprehensive logistics solution for the country would require a robust warehousing hub as well as a multi-approach to transportation that spans trucking, air, sea and high frequency lane transport lines. The logistics startup distinguishes itself from its competitors by integrating aspects of its operative excellence with smart algorithmic technology to provide exceptional solutions and services.
With the fresh injection of funding from EV Growth and Jungle Ventures, the logistics solutions startup Waresix will seek to further grow its business with the aim of bringing its comprehensive logistics solution to more businesses across Indonesia. This will only serve to benefit Indonesia as a whole in the long run by reducing inefficiencies in the country’s logistics sector while increasing the nation’s overall competitiveness.