Indonesia-based Coldspace has raised $3.8m in seed funding, led by venture capital firm Intudo Ventures, logistics firm ASSA, and agricultural conglomerate Triputra Group, with participation from MKA & ITS.
The end-to-end cold chain solutions provider, which was founded in December 2022, offers cold storage facilities and reefer trucks, in addition to a third-party marketplace of cold chain partners.
It also builds out cold chain infrastructure in areas where services are unavailable. Coldspace works with businesses in the food and beverage, pharmaceuticals, and chemicals sectors, offering pre-packaged meals and beverages, fisheries, meat and poultry products, as well as dairy, fruit and vegetable options.
The company provides transparent and efficient storage and transportation, with a focus on customer satisfaction, offering service level agreements and product management to ensure high quality. Coldspace operates in Greater Jakarta, Surabaya, Malang, Bali, and Medan, with plans to expand nationwide.
Indonesia’s tropical climate and archipelagic geography lead to high food loss and waste, as well as spoilage of temperature-sensitive cargo, such as pharmaceuticals and chemicals.
The company aims to mitigate this fragmentation and limited geographic reach for temperature-sensitive products, through a seamless network of cold storage facilities and transportation.
Coldspace operates 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.
The company plans to expand its service capacity, including greater capacity for cold storage, reefer trucks, fulfillment, and geographic coverage, following the funding round.
It also plans to launch a suite of management solutions for customers to help manage and track products.
“We appreciate our investors’ trust in Coldspace, as we are building the first end-to-end cold chain service provider in Indonesia catering for both B2B and B2C customers, allowing businesses to expand quickly and achieve agility in their distribution coverage,” said Arnold Giovanni, co-founder and CEO of Coldspace. – BusinessNewsAsia.com