Indonesia-based warehousing service provider Waresix closed a series B round today featuring media conglomerate Emtek and internet and telecommunications group SoftBank that took its funding to about $100m in the past year.
The round included EV Growth, a venture capital partnership between conglomerate Sinar Mas, internet company Yahoo Japan and VC firm East Ventures that Tech in Asia reported on Tuesday was set to be lead investor, while SoftBank took part through its SoftBank Ventures Asia unit.
Jungle Ventures, Pavilion Capital and Redbadge Pacific filled out the round. The company closed a $25.5m series A round in January this year having secured $11m in a second tranche, which would put the size of the latest round at roughly $75m to $89m.
Founded in 2017, Waresix runs an online marketplace that connects shippers and businesses with warehousing and truckers across Indonesia. It makes use of more than 40,000 trucks and 375 warehouses on the platform and covers in excess of 100 cities in the country.
The company became profitable on an net income basis in June 2019, it said. Waresix CEO Andree Susanto added: “We are excited to on-board a group of high-quality long-term investors and partners that have committed to support Waresix in our journey to be the new engine for trade and commerce growth in Indonesia.
“The capital will be invested to develop the most robust logistics technology infrastructure in Southeast Asia, and further build out our world-class team to help us seize a large market opportunity.”
EV Growth and Jungle Ventures provided the funding for the second tranche of the series A round, EV Growth having led the $14.5m first close in July 2019, investing alongside Sinar Mas Digital Ventures (SMDV), a subsidiary of conglomerate Sinar Mas, and Jungle Ventures.
East Ventures and Monk’s Hill Ventures co-led a $1.6m pre-series A round for the company in October 2018 that also featured SMDV and Triputra Group. Waresix had already raised an undisclosed amount of seed financing from East Ventures earlier the same year.
This article was adapted from an earlier version published prior to an official announcement by Waresix.
