Cold chain startup, Coldspace raises US$3.8mil seed round to fill gap in Indonesia's supply chain market

• Mitigate fragmentation & limited geographic reach for temperature-sensitive items
• To expand its service capacity and build software suite with analytics for customers

Coldspace, an Indonesian integrated cold chain solutions provider, today announced the completion of a US$3.8 million (RM17 million) seed round led by Intudo Ventures, an Indonesian focused venture capital firm; ASSA, one of Indonesia’s largest logistics groups; and Triputra Group, a major Indonesian agricultural conglomerate, with participation from MKA & ITS. 

Founded in December 2022, Coldspace is an integrated end-to-end cold chain solutions provider in Indonesia for B2B and B2C customers. 

Coldspace is led by Arnold Giovanni (CEO); Ivan Liadi (Head of Business Development & Product);  David Loei (Head of Sales); and Jan Sunaryanto (Head of Finance). Recognizing the lack of integrated cold chain solutions in Indonesia, the team created Coldspace to mitigate fragmentation and limited geographic reach for temperature-sensitive products through a seamless network of cold storage facilities and transportation—all powered through an automated technology stack.

“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.

“Building more than 15 distribution points within three months of launch has demonstrated our ability to scale quickly, and we will accelerate this process by leveraging our strategic investors’ logistics ecosystem to provide best-in-class operational excellence and competitive pricing.”

With this round of financing, Coldspace plans to expand its service capacity, including greater capacity for cold storage, reefer trucks, fulfillment, and geographic coverage; 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) and provided to customers as a free value-add service to perform analytics, offer training and improve service quality. 

“With emerging demand for fresh foods, pharmaceuticals, and other temperature-sensitive products, Indonesia has often lacked climate controlled infrastructure needed to prevent spoilage, leading to waste and product loss. By targeting a fragmented and traditional space marked by inefficiencies and gaps in service, Coldspace is building out a seamless end-to-end cold chain that ensures proper handling of products while providing customers with powerful tech-enabled tools to monitor and manage products throughout the supply chain,” said Patrick Yip, Founding Partner, Intudo Ventures.

“As a group, Coldspace synergizes with other ASSA Group subsidiaries, starting from ASSA Logistik, Anteraja and Titipaja so that we can provide continuous cold chain services from first to last mile to end customers and businesses. We are interested to invest in Coldspace to further integrate our cold chain solutions as well as the fact that even though they are just a startup, they are able to post a healthy performance,” said Prodjo Sunaryanto, CEO, ASSA.

“We are always enthusiastic about exploring new opportunities, while keeping in mind the current market needs and conditions. Considering the economic and geographic landscape in Indonesia, the potential for cold chain solutions is highly promising. Therefore, through this round of financing, we aim to ensure a seamless operation for Coldspace’s business,” said Erida Djuhandi, CFO, Triputra Group.

Coldspace is currently operating in the Greater Jakarta Region (Jabodetabek), Surabaya, Malang, Bali, and Medan, with plans to expand throughout the country. The company operates cold storage facilities strategically located near Jakarta’s main port and airport to facilitate the handling of temperature-sensitive items as they enter the country. As of April 2023, Coldspace 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.

This round represents Coldspace’s first external round of fundraising.