Coldspace, an Indonesian integrated cold chain solutions provider, has on Wednesday announced the completion of a $3.8 million seed round of fundraising.
The funding was led by Intudo Ventures, the Indonesia-only venture capital firm; ASSA, one of Indonesia’s largest logistics groups; and Triputra Group, a major Indonesian agricultural conglomerate, Coldspace said in a statement.
The round also saw participation from MKA & ITS. This round represents Coldspace’s first external round of fundraising.
With this round of financing, Coldspace plans to expand its service capacity, including greater capacity for cold storage, reefer trucks, fulfillment, and geographic coverage; launch a suite of management solutions for customers to help manage and track products, including its Warehouse Management System (WMS) and Transportation Management System (TMS) and provided to customers as a free value-add service to perform analytics, offer training and improve service quality.
Coldspace is currently operating in the Greater Jakarta Region (Jabodetabek), Surabaya, Malang, Bali, and Medan, with plans to expand throughout the country.
The company operates cold storage facilities strategically located near Jakarta’s main port and airport to facilitate the handling of temperature-sensitive items as they enter the country.
As of April 2023, Coldspace manages 3,000 tons of cold storage capacity and 20 reefer trucks, while its marketplace features 30,000 tons of cold storage capacity and 100 reefer trucks operated by Coldspace partners.
“We are building the first end-to-end cold chain service provider in Indonesia catering for both business to business (B2B) and business to consumer (B2C) customers, allowing businesses to expand quickly and achieve agility in their distribution coverage,” said Arnold Giovanni, Co-Founder and Chief Executive Officer of Coldspace.
“Building more than 15 distribution points within three months of launch has demonstrated our ability to scale quickly, and we will accelerate this process by leveraging our strategic investors’ logistics ecosystem to provide best-in-class operational excellence and competitive pricing,” he added.
Founded in December 2022, Coldspace is an integrated end-to-end cold chain solutions provider in Indonesia for B2B and B2C customers.
The company offers cold storage facilities and reefer trucks through its own inventory as well as a third-party aggregated marketplace of cold chain partners empowered through the company’s tech stack.
Through its marketplace, Coldspace provides a superior pricing scheme for customers, while improving utilization for partners through supply and demand matching.
Where cold chain services are currently unavailable, Coldspace is building out cold chain infrastructure to fill in gaps to ensure end-to-end climate control of products through its own warehousing and fleet as a critical link in Indonesia’s cold chain.
The company also provides cold fulfillment solutions designed to enable quick commerce services, through a hub-and-spoke model that ensures rapid delivery of temperature-sensitive products
“With emerging demand for fresh foods, pharmaceuticals, and other temperature-sensitive products, Indonesia has often lacked climate controlled infrastructure needed to prevent spoilage, leading to waste and product loss,
“By targeting a fragmented and traditional space marked by inefficiencies and gaps in service, Coldspace is building out a seamless end-to-end cold chain that ensures proper handling of products while providing customers with powerful tech-enabled tools to monitor and manage products throughout the supply chain,” said Patrick Yip, Founding Partner, Intudo Ventures.
Coldspace works with importers, exporters, distributors, food and beverage producers, logistics companies, and other businesses to provide transparent and efficient storage and transportation of temperature-sensitive products.
Within the food and beverage category, Coldspace offers services for fisheries, meat and poultry producers, pre-packaged meals and beverages, dairy, fruit and vegetable vendors, as well as pharmaceutical products.
With quality customer service as a core emphasis, Coldspace also offers customers with prudent service level agreement (SLA) and product management services to ensure customer satisfaction.
“As a group, Coldspace synergizes with other ASSA Group subsidiaries, starting from ASSA Logistik, Anteraja and Titipaja so that we can provide continuous cold chain services from first to last mile to end customers and businesses,
“We are interested to invest in Coldspace to further integrate our cold chain solutions as well as the fact that even though they are just a startup, they are able to post a healthy performance,” said Prodjo Sunaryanto, Chief Executive Officer, ASSA.
Coldspace is led by Arnold Giovanni; Ivan Liadi (Head of Business Development and Product); David Loei (Head of Sales); and Jan Sunaryanto (Head of Finance).
Recognizing the lack of integrated cold chain solutions in Indonesia, the team created Coldspace to mitigate fragmentation and limited geographic reach for temperature-sensitive products through a seamless network of cold storage facilities and transportation—all powered through an automated technology stack.
“We are always enthusiastic about exploring new opportunities, while keeping in mind the current market needs and conditions,” said Erida Djuhandi, Chief Financial Officer, Triputra Group.
“Considering the economic and geographic landscape in Indonesia, the potential for cold chain solutions is highly promising,
“Therefore, through this round of financing, we aim to ensure a seamless operation for Coldspace’s business,” he added.
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