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October 29, 2018 10:15 AM, EDT

Indonesian Logistics Startup Waresix Lands $1.6 Million Funding

Waresix, an Indonesian warehouse startup, is tapping into its country’s fast-growing logistics market. The company announced in October that it had obtained $1.6 million in pre-Series A funding, led by East Ventures and Monk’s Hill Ventures.

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A recent report by Ken Research estimated Indonesia’s logistics market was expected to reach $240 billion by 2021, with the third-party logistics market expected to increase at a five-year compound annual growth rate of 14% in the near future.

Waresix, founded in 2017, has built a marketplace connecting businesses and individuals needing warehouse space with warehouse operators, allowing users to book storage options in less than 24 hours. Additionally, the company provides cross-border warehousing services for overseas customers looking to distribute in Indonesia.

“We are very excited to work with our new investors,” CEO Andree Susanto said in a press release. “They will give us an edge and help us tremendously in expanding our business.”

The Waresix platform incorporates a cloud-based tracking system to provide Warehouse-as-a-Service. With this latest round of fundraising, the company will develop new products and features for both customers and providers, as well as recruit talent.