Coldspace, an Indonesian integrated cold chain solutions provider, has announced the completion of a $3.8 million seed round of funding.
The round was led by Intudo Ventures, an Indonesian venture capital firm, along with ASSA, one of Indonesia’s largest logistics groups, and Triputra Group, a major Indonesian agricultural conglomerate. MKA & ITS also participated in the round.
Founded in December 2022, Coldspace offers end-to-end cold chain solutions for B2B and B2C customers in Indonesia. The company provides cold storage facilities and reefer trucks through its own inventory and a third-party aggregated marketplace of cold chain partners.
The startup is addressing the high demand for cold chain solutions in Indonesia due to the country’s tropical climate, archipelagic geography, and increasing demand for pre-packaged food and beverages.
Coldspace works with various businesses, including importers, exporters, distributors, and logistics companies, to provide efficient and transparent storage and transportation of temperature-sensitive products.
The company emphasizes quality customer service and offers prudent service level agreements and product management services to ensure customer satisfaction.
Led by Arnold Giovanni (CEO), Ivan Liadi (Head of Business Development & Product), David Loei (Head of Sales), and Jan Sunaryanto (Head of Finance), Coldspace aims to mitigate fragmentation and limited geographic reach for temperature-sensitive products through a seamless network of cold storage facilities and transportation powered by an automated technology stack.
Coldspace currently operates in the Greater Jakarta Region, Surabaya, Malang, Bali, and Medan, with plans to expand throughout Indonesia. As of April 2023, the company 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.
With the seed funding, Coldspace plans to expand its service capacity, including cold storage, reefer trucks, fulfillment, and geographic coverage.
The company also aims to 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).
