Fresh Factory, an Indonesian cold chain fulfillment business, announced that it has received $4.5 million in initial funding, led by East Ventures and backed by PT Prasetya Dwidarma, Number Capital, Trihill Capital, Indogen Capital, Saratoga Investama Sedaya TBK, Y Combinator, and angel investors.
According to Larry Ridwan, founder, and CEO of Fresh Factory, this fund will help them in their aim to serve all Indonesian business players, particularly SMEs, as they scale and grow their operations.
“We thank all of the investors for their trust in us. This investment served as a strong testament to the solution provided by Fresh Factory in bringing new innovation to the cold chain management industry in Indonesia,” Ridwan said.
Larry Ridwan, the company’s founder and chief executive officer, Widijastoro Nugroho, the co-founder, and chief commercial officer, and Andre Septiano, the co-founder and chief financial officer, launched Fresh Factory after realizing there was a serious issue with Indonesia’s cold chain logistics.
The money will be used by Fresh Factory to build warehouses in all secondary cities in Java as well as the major cities in Sumatra and Sulawesi.
Additionally, they will spend money on technology and expertise to increase adoption and achieve operational excellence. Up to April 2022, Fresh Factory’s annualized GMV reached $10 million, with more than 1 million orders being fulfilled each year. Additionally, during the past three months, their revenue has increased by 30% MoM.
Numerous micro and small enterprises have struggled to survive and grow as a result, and customers were forced to pay a high delivery price.
Cold chain infrastructure is becoming increasingly important in Indonesia, especially as e-commerce and online grocery shopping grow there. Fresh Factory is there to provide the proper answer to the issues and growing demands of cold chain logistics in the nation.
Businesses can have their items kept, chosen, packed, and delivered to clients using the network of hyperlocal cold chain fulfillment centers, transformation, and smart fulfillment management system provided by Fresh Factory. For its clients and customers, Fresh Factory guarantees better, quicker, and more effective cold chain solutions.