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Indonesia’s logistics startup Etobee secures US$3.5 million bridge funding

9/2/2018 – Etobee, a logistics solutions provider based in Jakarta has completed the bridge round of its Series A funding round up to US$3.5 million.

Etobee Holdings Group CEO Sven Milder confirmed the latest funding, but did not disclosed the name of participating investors and other details of the transaction.

The Indonesian firm’s last publicly known funding was a seed round in 2015 where it was backed by Kejora Ventures, Skystar Capital, Gobi Partners, and Axiata Digital Services (ADS), among some.

The company is also currently in talks with several investors to close a Series B round, rumoured to be in tens of millions, which is expected to close in August 2018.

Founded in 2014, Etobee is a crowd-sourced urban logistics delivery platform that connects individual users with the nearest courier available while offering corporates and businesses a logistics dashboard to track deliveries.

The firm offers a web and mobile application for individuals and businesses to ship and collect any item across the archipelago with options for same-day, next-day, and regular deliveries available. It counts many national and international banks among its clients.

While Etobee is currently in delivery tie-ups with retail players such as Lotte Mart Wholesale, the startup has also been eyeing the banking and fintech space.

The logistics space in Southeast Asia has been generating strong investor interest on the back of strong e-commerce growth.

In January, Singapore-based Ninja Van and Malaysian on-demand delivery startup Zoom has also raised a US$85 million Series C round and US$1.01 million pre-Series A round respectively.

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