Waresix, one of a handful of startups aiming to modernize logistics in Indonesia — the world’s fourth most populous country — has pulled in $14. 5 million to grow its 18-month-old business.
Like others in its space worldwide — which include Chinese unicorn Manbang and BlackBuck in India — Waresix is focused on optimizing logistics by making the process more transparent for clients and more efficient for haulage companies and truckers.
This new investment, Waresix’s Series A, is led by EV Growth — the growth-stage fund co-run by East Ventures — with participation from SMDV — the investment arm of Indonesia corporation Sinar Mas — and Singapore’s Jungle Ventures .
That necessitates a lot of challenges for logistics, which are said to account for 25-30 percent of GDP — a figure that is typically below five percent in Western markets — while Indonesia barely scraped the top 50 rankings in World Bank’s Logistics Performance Index.
Now with EV Growth, which reached a final close of $200 million thanks to LPs that include SoftBank, the East Ventures has the firepower to write larger checks that go beyond seed and pre-Series A deals as it has done with Waresix.
That’s a push that founders Andree Susanto (CEO), Edwin Wibowo (CFO), and Filbert Hansel (CTO) — who met at UC Berkley in the U. S. — believe fits with Indonesia’s own $400 billion commitment to improve national infrastructure and transport.
It is also consistent with East Ventures, the long-standing early-stage VC, which has backed a pack of young companies aiming to inject internet smarts into traditional industries in Indonesia.
Waresix is aiming to digitize logistics, the business of moving goods from A to B, which it believes is worth a total of $240 billion in Indonesia.