Logisly, a logistics startup headquartered in Jakarta, Indonesia, notched $6 million in a Series A funding round led by Monk’s Hill Ventures, according to a report in Tech Asia on Tuesday (Nov. 3).
The business-to-business logistics platform uses an algorithm to connect shippers with trucking companies. Shippers get trucks equipped with real-time tracking capabilities and digital proof of delivery.
This latest funding brings Logisly’s total raised to $7 million since being founded in 2019 by Robbi Baskoro and Roolin Njotosetiadi. Logisly will use the new funding to grow its capabilities and reach in Indonesia and expand its sales and vendor acquisition teams.
Co-Founder Njotosetiadi, who serves as chief executive officer, said the logistics industry is fragmented and fraught with manual processes and unreliable participants.
Logisly works with 40,000 trucks and caters to over 300 corporate shippers from a cross-section of verticals, including chemicals, construction, and eCommerce. The platform has coordinated the shipping of goods from major firms including Unilever; JD.ID, a subsidiary of the Chinese eCommerce firm JD.com; Grab; Maersk, a Denmark-based shipping company; and others.
The Indonesian logistics market has been forecast to hit $300 billion by 2024, up from $221 billion in 2020, a Ken Research report indicated, per TechAsia.
A seed round last year for an undisclosed amount was led by SeedPlus, Indonesia’s Convergence Ventures, and Japan’s Genesia Ventures.
Competitors in the space include Kargo Technologies, backed by former CEO of Uber, Travis Kalanick. Sequoia Capital and Kalanick participated in a $7.6 million funding round for Kargo. Other investors include China’s Zhenfund; Indonesia’s Intudo Ventures from Indonesia; North Star hedge fund group Co-Founder Patrick Walujo; and ATM Capital. Kargo has raised 38.6 million since launching in 2018.
In a PYMNTS interview in June, Grant Goodale, co-founder and chief technology officer at trucking services technology firm Convoy, said supply chain solution providers are now offering flexibility that meet the industry’s needs.