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East Ventures Leads Seed Round Of Indonesian Logistics Firm

Tech In Asia, the largest English-language technology media company that focuses on Asia, are reporting on the success story of Indonesia-based Superkul, a last-mile delivery firm focused on chilled products, which has managed to raise seed funding in a round led by East Ventures, the amount of which has not yet been disclosed.

Superkul offers a refrigerated delivery solution that keeps products in a Superkul Box that holds temperatures from -22 to 10 degrees Celsius. The startup also provides API integration with customers to enable delivery tracking, temperature monitoring, and payment support.

The firm was founded in 2020 by Chris Wiranata, Eunike Yvonne Hanata, Cathrine Susilowati Prajitno, and Felix Sutanto. Superkul said that since then, it has delivered over 4,000-items, including food, medical, and pharmaceutical products, from more than 231-clients.

The company will use the new funds to scale operations, expand its delivery fleet, make new hires, and bolster its digital platforms. It has operations in most metropolitan cities in Indonesia, mainly Jakarta and Bandung.

According to data from Allied Market Research, Indonesia’s cold chain logistics market was worth close to USD 5-billion last year. It’s now expected to reach USD 12.6-billion by 2031 with a compound annual growth rate of 10.2-percent.

East Ventures is a pioneering sector-agnostic venture capital firm in Indonesia. Founded in 2009, East Ventures has transformed into a holistic platform that provides multi-stage investment, including Seed and Growth for over 200-companies in Southeast Asia.

An early believer in the startup ecosystem in Indonesia, East Ventures is the first investor of Indonesia’s unicorn companies, namely Tokopedia and Traveloka. Other notable companies in the portfolio include Ruangguru, Warung Pintar, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla. East Ventures was named the most consistent top performing VC fund globally by Preqin, and the most active investor in SEA and Indonesia.

Source: Tech in Asia

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His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

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