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EV Growth, Jungle Ventures pump US$11m more into Indonesian startup Waresix

EV Growth, Jungle Ventures pump US$11m more into Indonesian startup Waresix

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2 -min read
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INDONESIAN trucking and warehousing platform Waresix on Tuesday said it has raised another US$11 million from Singapore venture capital firms EV Growth and Jungle Ventures, in an extended Series A funding round.

The extension round comes less than six months after the logistics startup bagged US$14.5 million in a Series A round led by EV Growth in July 2019.

This brings the total capital secured to more than US$27.1 million in equity in the past 18 months, Waresix noted. The startup has also raised debt and working capital facilities from regional banks and lenders.

Andree Susanto, chief executive officer of Waresix, said that the fresh capital will help the company extend its market leadership, as it plans for a Series B fundraising this year.

Waresix connects shippers and businesses with available trucks and warehouse space across Indonesia. It said on Tuesday that its ecosystem reaches more than 30,000 trucks and 300 warehouse operators across the country. These figures are 50 per cent higher than the 20,000 trucks and 200 warehouses stated in its media statement last July. 

Yash Sankrityayan, principal at Jungle Ventures, said that Waresix grew its monthly revenues by more than 30 times in 2019, and is now Ebitda (earnings before interest, tax, depreciation and amortisation) profitable.