Indonesia’s logistics startup Etobee raises $3.5 million in series A funding round

Jakarta-based logistics solutions provider Etobee has closed a post-Series A bridge round of $3.5 million, according to sources in the know.

The names of the participating investors could not be ascertained. Etobee’s existing backers include Kejora Ventures, Skystar Capital, Gobi Partners and Axiata Digital Services (ADS).

Etobee Holdings Group CEO Sven Milder, in a phone interaction with DEALSTREETASIA, confirmed the latest funding. However, he refrained from sharing any other details of the transaction.

The company is also in talks with investors to close a double-digit Series B round, which is expected to conclude in the next six months. The proceeds will be used for expansion in Southeast Asia.

Etobee is a crowd-sourced urban logistics delivery platform. It 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 connects users with the nearest courier available and also offers a logistics dashboard for corporates to track deliveries.

The Indonesian firm’s last publicly known funding was a seed round in 2015, where it raised an undisclosed amount from Kejora and Skystar Capital, according to Crunchbase. While its Series A round was not widely reported, Axiata disclosed its participation in the said round in its financial report for the quarter ended September 30, 2017. Per the report, its subsidiary ADS had in March 2017 entered into an agreement to invest $1.5 million as part of Etobee’s Series A round for an 18.75 per cent stake.

Of this, ADS completed the acquisition of a 14.81 per cent stake for $1 million in May last year, with the remaining $500,000 to be invested upon realization of additional conditions. The disclosure also mentioned Singapore’s Bang Bang Venture Pte Ltd and Jimmy Setiadi Wibowo among Etobee’s shareholders.

In addition to delivery tie-ups with retail players such as Lotte Mart Wholesale, Etobee has been eyeing the banking and fintech space too. It claims to include many national and international banks among its clients.

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