Indonesia-based on-demand (SaaS) warehouse service provider, Waresix has raised $1.6 million in its pre-Series A financing. The round was led by East Ventures and Monk’s Hill Ventures with participation from SMDV and Triputra Group.
The new funding comes barely after seven months when Waresix raised an undisclosed amount from East Ventures in seed round. “The past 7 months have convinced us even more that the team has the capability to champion the market, and we are excited to see more nationwide breakthrough driven by Waresix,” said East Ventures managing partner Willson Cuaca.
The company plans to deploy the newly raised capital to develop new products and features for both warehouse customers and providers to meet their storage needs. Besides, it will continue to leverage its technology and data capabilities to drive increased efficiency for the overall warehousing industry.
Founded in 2017 by CEO Andree Susanto, CTO Filbert, and CFO Edwinco, Waresix has developed a marketplace, which connects businesses and individuals in need of warehouse space with warehouse operators. Through the Waresix marketplace, companies can quickly search through a wide range of warehousing options and book a warehouse space in less than 24 hours to meet their business needs.
The company also provides warehouse services for overseas customers who are looking to distribute their products to Indonesia, as well as for “unexpected, last-minute situations.” The platform enables customers to manage their warehouse distribution, inventory, customer orders, and billing cycles.
Waresix currently covers 26 cities, including Greater Jakarta, Semarang, Surabaya, Balikpapan, Samarinda, Banjarmasin, Makassar, Pekanbaru and others across the Indonesian archipelago. The company’s marketplace includes over 75 warehouse operators that handle general cargo, retail fulfillment, and cold storage.
Logistics market in Indonesia is expected to be worth $240 billion which is growing at 14% annually alongside the country’s e-commerce sector. And the new funding will allow Waresix to tap the growing opportunity.