Indonesia-based freight services marketplace Kargo Technologies secured $31m on Monday in a series A round that included beverage bottler Coca-Cola Amatil.
Venture capital firm Tenaya Capital led the round, which also featured Sequoia India and Southeast Asia, Intudo Ventures, Agaeti Convergence Ventures, Alter Global and Mirae Asset Venture Investment, part of investment manager Mirae Asset.
The round also included an undisclosed amount of debt financing from unnamed regional banks and financial institutions. Coca-Cola Amatil contributed to the round last month through its corporate venturing vehicle, Amatil X.
Founded in 2018, Kargo operates a freight transportation service that enables shippers to book space for their cargo on trucks and other modes of transport. They can then track the progress of their shipments through the company’s online platform.
The startup is dealing with the Covid-19 pandemic by distributing electronic proof-of-delivery systems and sterilisation supplies across its transit points. It has also set up a Logistics Relief Fund that encourages employees to contribute a portion of their salaries to support logistics carriers.
Kargo had revealed $7.6m from Sequoia India and Southeast Asia, Intudo Ventures, ATM Capital, Agaeti Ventures – one of the two founders of Agaeti Convergence Ventures – Innoven Capital, 10100, ZhenFund and Patrick Walujo when it emerged from stealth in March 2019.
