by Ulisari Eslita
Freight logistics marketplace, Kargo Technologies secures a Series A funding round of $31 million led by Sillicon Valley-based Tenaya Capital. Other participating investors include Sequoia India and Southeast Asia, Intudo Ventures, Coca-Cola Amatil, Agaeti Convergence Ventures, Alter Global, and Mirae Asset Venture Investment. The closing of the Series A round makes Kargo the largest-funded startup digitalizing Indonesia’s trucking space. As part of the round, Kargo is also to secure debt financing from some of the largest regional banks and financial institutions.
The funding comes roughly one year after Kargo’s $7.6 million seed round, led by Sequoia India and Southeast Asia. Seed backers included Uber co-founder Travis Kalanick’s 10100 Fund, China’s Zhenfund, Intudo Ventures, ATM Capital, Innoven Capital, and Agaeti Ventures-a firm led by Pandu Sjahrir. Patrick Walujo, a co-founder of the Indonesian hedge fund group Northstar, and Cardig International CEO Diono Nurjadin also made personal investments.
Kargo is Indonesia’s ‘Uber for logistics,’ as the firm aims to shift all logistics transactions in the country from offline to online, thereby addressing enormous inefficiencies faced by local shippers and transporters today.
The startup was co-founded by Tiger Fang and Yodi Aditya who have expertise from both the logistics and technology worlds. Between 2013 and 2018, Fang oversaw the international expansion of Uber and served Western China and then in Indonesia. He also held key positions at Rocket Internet, Lazada Group, and Bank of America Merrill Lynch. Meanwhile, Yodi Aditya served as Kargo’s CTO and worked previously with aircraft route optimization, enterprise software, and real-time payment technology.