Additional IDR 150 Billion Completes Series A Funding for Waresix

Logistics startup Waresix completed their series A funding at US$25,5 million or around Rp348,7 billion. EV Growth and Jungle Ventures are important entities in this round.

This nominal is the accumulation of funding rounds that have been started since last July 2019. At that time, the startup led by CEO Andree Susanto received US$14,5 million in funding from investors led by EV Growth. An additional US$11 million from EV Growth and Jungle Ventures completes this series A funding round.

"This additional funding further reinforces the confidence of key investors and will help us strengthen market dominance while preparing for a Series B funding round in 2020," Andree said in their official release.

Waresix is ​​a logistics startup that focuses on connecting shipping services with transportation services including transport trucks and storage warehouses. Their platform is now recorded to be operating with 30.000 trucks and 300 warehouse operators throughout Indonesia.

Since operating in the fourth quarter of 2018, Waresix is ​​claimed to have experienced rapid growth. One of the indicators is that they managed to record EBITDA (earnings before interest, taxes, depreciation, and amortization) positive.

"Waresix is ​​clearly the winner in the segment first and middle mile in logistics. We focus on the company's rapid growth rate and its success in ending 2019 on a profit. This is a small bonus for us as growth-stage investors," said East Ventures Co-Founder & Managing Partner EV Growth Willson Cuaca.

The news of additional funding for Waresix indicates that the logistics industry in Indonesia will return to excellence this year. The reason is that throughout 2019, this industry was marked by the emergence of new players and funding quite a lot.

B2B logistics platform Ritase secured US$8,5 million in series A funding in July. There is also Kargo Tecnlogies which received an initial funding of US$7,6 million from Sequoia Capital India. Then there are SiCepat Express, Triplogic, Logisly, Shipper, and Crewdible who experienced the same thing. The funding received by these startups is on average at the level of seed and series A.

The market is getting bigger E-commerce (also social commerce) in Indonesia can not be denied to be a breath of fresh air for the logistics industry. McKinsey Report in 2018 and projected the value of the e-commerce market in the country to touch US$65 billion or Rp910 trillion in 2022. No wonder the logistics industry players are confident that this business can grow more than 30% this year.