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Indonesian cold-chain start-up gets $4.5 million in seed funding
Fresh Factory, a cold-chain fulfillment start-up, has secured early investment from local and foreign venture capital firms to expand its business.
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Fresh Factory CEO and founder Larry Ridwan (center) poses for a photo with team members Widijastoro Nugroho (left) and Andre Septiano (right). (Fresh Factory/-)
Fresh Factory, an Indonesian cold-chain fulfillment start-up, has secured US$4.5 million in seed funding to expand its business.
The early funding round was led by Singapore-based East Ventures with involvement from Indonesian firms PT Saratoga Investama Sedaya, Indogen Capital, Prasetya Dwidarma and Number Capital, US-based Y Combinator and Singapore’s Trihill Capital.
Several angel investors also participated, according to a press release published by East Ventures on Monday.
Fresh Factory, according to the release, aims to provide a network of hyperlocal cold-chain fulfillment centers and a fulfillment management system.
“We are elated to have Fresh Factory as part of East Ventures’ portfolios. Seeing the huge gap in cold-chain solutions and how it has led to many issues of food loss in the supply chain, we believe Fresh Factory will serve as the solution to improve the cold chain logistics for perishable goods and benefit micro, small and medium enterprises [MSMEs],” said Avina Sugiarto, venture partner of East Ventures.
“This fund will accelerate our mission of supporting all the business players in Indonesia, especially SMEs, in driving growth and scaling their businesses,” said Fresh Factory founder and CEO Larry Ridwan.
According to the press release, Fresh Factory has more than 20 warehouses located in cities in Java, Sumatra, Sulawesi and Bali and plans to use the new funds to expand further in Sumatra and Sulawesi as well as to secondary cities in Java.
