Indonesia-based logistics services provider Waresix has expanded a series B round already featuring corporates SoftBank, Emtek and Oko Markets to nearly $124m, DealStreetAsia has reported.
Investment firm Tiger Global Management led the round’s latest tranche, which was sized at $50m and which came after rofessional services firm Oko Markets, Legend Power Developments and Gan Inovasi Solusindo added $1.9m in February 2021 to bring the round to almost $74m in size.
Founded in 2017, Waresix runs an online platform connecting transport service providers and enterprise customers, providing access to warehousing and land and sea freight services across Indonesia. It had previously stated it would use the series B funding to grow its infrastructure in Southeast Asia
Waresix closed the round’s first tranche in late 2020 with backing from SoftBank Ventures Asia, part of internet and telecommunications firm SoftBank, as well as media group Emtek.
EV Growth, a partnership between conglomerate Sinar Mas, internet company Yahoo Japan and venture capital firm East Ventures, filled out the first close together with Jungle Ventures, Pavilion Capital and Redbadge Pacific.
The company had completed its series A round at $25.5m in January 2020, the cash coming from Sinar Mas unit Sinar Mas Digital Ventures unit, EV Growth and Jungle Ventures. It acquired another Indonesia-based company, first-mile logistics services provider Trukita, the same year.
Photo courtesy of Waresix.
