(L-R) Fresh Factory Co-Founders Widijastoro Nugroho, Larry Ridwan, and Andre Septiano
Indonesia’s integrated cold chain fulfilment and enabler startup Fresh Factory has raised US$4.15 million in pre-Series A funding led by SBI Ven Capital through its joint fund with Kyobo Securities and NTUitive.
Existing backers East Ventures and Trihill Capital and new investor PT Tap Applied Agri Services also participated.
Fresh Factory will utilise the funds to scale to over 100 fulfilment centres across 50 Indonesian cities by the end of 2023. The list includes Sumatra, Sulawesi, Kalimantan, and Java.
The startup will also invest in hiring talent, improving existing service offerings, and expanding its fulfilments for cold chain and fresh products to drive logistics cost efficiency further.
Fresh Factory was founded in 2020 by Larry Ridwan (CEO), Widijastoro Nugroho (CCO), and Andre Septiano (CFO). It is a cold chain fulfilment and enabler, offering decentralised cold chain storage facilities, pick-and-pack, and last-mile delivery services.
Also Read: Indonesia’s cold chain logistics startup Superkul nets funding from East Ventures
Since its launch, Fresh Factory has grown from 20 fulfilment centres to over 40 across 22 cities in Indonesia. It expanded its service offering to include retail fulfilment orders alongside direct-to-consumer fulfilment orders.
Over the past year, Fresh Factory claims to have seen a 10x increase in its annualised gross merchandise value and doubled its client base.
Today, Fresh Factory services large enterprises, including Danone and Sirclo, and growing companies, such as Eden Farm and Kin Dairy Fresh Milk.
“Fresh Factory has identified an essential component needed in Indonesia’s logistics ecosystem. Its service offerings will address the heightened demand for hyperlocal cold chain fulfilment and logistics services from consumers and businesses alike,” said Ryosuke Hayashi, CEO of SBI Ven Capital.
There is an increasing need for cold chain infrastructure in Indonesia as consumers adopt e-commerce and online groceries more widely. The market grew at a CAGR of 10.7 per cent from 2016 to 2021 and is forecast to grow 12.9 per cent between 2021 and 2026.
In August last year, Superkul, an Indonesian startup providing cold chain and chiller-based last-mile delivery services, closed an undisclosed seed funding round led by East Ventures.
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