Indonesia fleet management platform TransTRACK.ID announced on Thursday an S$750,000 ($552,000) Seed financing round.

Led by Singapore-based early-stage venture capital firm Cocoon Capital, the round was also joined by the Indonesian Women Empowerment Fund (IWEF), the company said in a statement.

TransTRACK.ID also recently graduated and received investment from Accelerating Asia, the Singapore-based accelerator VC. TransTRACK.ID will use the funds to scale product development and expand its network of partners across Indonesia to dominate the market.

“Our ultimate mission is to make Indonesia’s roads safer and more efficient. The COVID-19 lockdowns have led to a significant reduction in fleet use, which makes it even more important that every trip is optimized. TransTRACK.ID supports fleet managers across the country to improve productivity and utilization, helping them reduce costs and improve margins”, said TransTRACK.ID Chief Executive Officer and Co-Founder Anggia Meisesari.

There are over 62 million commercial vehicles in Indonesia, but only 2 percent of them are connected to a Fleet Management System (FMS). Without an FMS, fleet managers have limited oversight of their fleet, adding to a range of issues including higher maintenance and fuel cost, poor service delivery, theft, misuse of vehicles, and frequent accidents.

TransTRACK.ID said it offers an all-in-one, fleet telematics solution to help the logistics industry optimize fleet operations. The TransTRACK.ID platform collects and analyses real-time telemetry data such as geolocation, fuel level, mileage, and maintenance alerts for each vehicle.

With accurate data on hand, fleet managers and drivers can now make informed decisions to streamline inventory management, deliveries, and maintenance processes. The software can also be easily integrated with over 1,000 existing GPS devices to obtain performance and driver behavioral data.

Additionally, TransTRACK.ID provides insurance coverage to its customers, offering an added level of assurance for drivers.

Founded in 2019, the company has achieved significant growth, supporting thousands of vehicles in Indonesia. With TransTRACK.ID, fleet owners have reported a 25 percent drop in fuel expenses and up to a 20 percent increase in vehicle utilization, saving them thousands of dollars per month.

“The logistics industry is at an inflexion point of digitization and Southeast Asia has one of the highest growth rates in telematics adoption. Cocoon Capital is very excited to join Anggia, Pujud and their team in the journey to streamline the $150 billion road freight logistics market in Indonesia”, said Cocoon Capital Managing Partner Michael Blakey, who recently joined the TransTRACK.ID board of directors.

Cocoon Capital is a Singapore-based venture capital firm focusing on early-stage, enterprise tech companies across Southeast Asia with assets under management of more than S$70 million. The fund invests within the MedTech, FinTech, InsurTech, and other deep tech verticals. It has done a total of 23 investments till date. Investments include TransTRACK.ID, Augmentus, BuyMed, GuardRails, Karzo, Poundit, SensorFlow, and See-Mode Technologies.

IWEF addresses barriers to women’s economic empowerment by investing in disruptive tech solutions, led by gender-balanced startup teams. The fund is co-managed by Moonshoot Ventures, a venture capital firm that addresses development challenges faced by emerging economies in Southeast Asia, and YCAB Ventures, a venture company that focuses on women economic empowerment to improve the livelihoods of ultra-micro women entrepreneurs in Indonesia through microfinance and impact investments.

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Featured image credit: TransTRACK.ID