Indonesia-based warehousing service provider Waresix has added $11m to its series A round, already backed by diversified conglomerate Sinar Mas, to bring the round total to $25.5m, e27 reported yesterday.
East Ventures’ EV Growth Fund and Jungle Ventures provided the extension, which followed a $14.5m first tranche featuring Sinar Mas Digital Ventures, the investment arm of Sinar Mas, in July 2019. EV Growth led the initial tranche, while Jungle Ventures also participated.
Founded in 2017, Waresix offers logistics services to shippers and customers by connecting them through a network of more than 30,000 lorries and 300 warehouse partners. The money will allow Waresix to expand its market presence throughout Indonesia.
East Ventures and Monk’s Hill Ventures co-led a $1.6m pre-series A round in October 2018 with participation from Sinar Mas Digital Ventures and Triputra Group. East Ventures had already supplied an undisclosed amount of seed capital in February 2018.
Michael Gani, chief product officer of Waresix, said: “Since the inception of the company, we realised that Indonesia presents a unique archipelago landscape, which means multi-modal transportation and warehouse hub distribution paradigms will be critical to tackling the logistics sector.”