Intudo Ventures, ASSA, Triputra Group led $3.8 M Seed funding raised by Coldspace
Coldspace, an Indonesian provider of integrated cold chain solutions, announced the conclusion of a $3.8 million seed round of fundraising.
According to a statement from Coldspace, Intudo Ventures, an Indonesia-only venture capital firm, ASSA, one of the country’s largest logistics groups, and Triputra Group, a significant agricultural conglomerate in Indonesia, led the funding.
MKA and ITS took part in the round as well. This fundraising effort is Coldspace’s first from outside sources.
Coldspace intends to use the funds raised from this round of financing to increase its service capacity, which will include capacity for cold storage, reefer trucks, fulfillment, and geographic coverage. Coldspace also plans to introduce a suite of management solutions for customers to help manage and track products, including its Warehouse Management System (WMS) and Transportation Management System (TMS), which will be offered as a free value-added service to customers to perform analytics, provide training, and enhance service quality.
With plans to expand across the nation, Coldspace currently has operations in the Greater Jakarta Region (Jabodetabek), Surabaya, Malang, Bali, and Medan.
To facilitate the handling of temperature-sensitive goods as they enter the country, the company runs cold storage facilities that are strategically placed close to Jakarta’s main port and airport.
3,000 tons of cold storage capacity and 20 reefer trucks are managed by Coldspace as of April 2023, and its marketplace includes 30,000 tons of cold storage capacity and 100 reefer trucks run 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.
Coldspace, a provider of integrated end-to-end cold chain solutions for B2B and B2C clients in Indonesia, was established in December 2022.
The company provides reefer trucks and cold storage facilities through its own inventory as well as a third-party marketplace of cold chain partners enabled by the company’s tech stack.
Coldspace’s marketplace offers customers a superior pricing structure while increasing partner utilization through supply and demand matching.
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