Coldspace has operated in top-tier cities in the archipelago, spanning Greater Jakarta, Malang, Medan, Bali, and Surabaya, and aims to expand its business across Indonesia.
Heaptalk, Jakarta — Indonesia’s integrated cold chain solution provider, Coldspace announced its seed funding completion of US$3.8 million. This funding round was led by Intudo Ventures, PT Adi Sarana Armada Tbk (ASSA), and agriculture conglomerate Triputra Group followed by the participation of MKA and ITS.
“We deeply appreciate investors’ trust in us because we are building the first cold chain end-to-end service that serves B2B and B2C consumers,” stated Co-Founder and CEO of Coldspace Arnold Giovanni, as cited in Daily Social (05/03).
The lack of cold chain solutions in Indonesia led to waste and product loss which later brought negative impacts on business. Closing this seed round, Giovanni delivered that Coldspace aims to enable businesses to flourish and be more agile.
To achieve this goal, the startup has collaborated with importers, exporters, distributors, F&B producers, logistic companies, and other businesses to provide efficient storage and transportation of temperature-sensitive products.
Coldspace was established by Arnold Giovanni (CEO), David Loei (Head of Sales), Ivan Liadi (Head of Business Development and Product), and Jan Sunaryanto (Head of Finance) in December 2022. The startup has operated in top-tier cities across Indonesia, spanning Greater Jakarta, Malang, Medan, Bali, and Surabaya.
In addition, Coldspace has managed 3,000-tonne cold storage capacity and 20 reefer trucks, while its marketplace features 30,000-tonne cold storage capacity and 100 reefer trucks operated by its partner.
In response to this funding, Intudo Ventures founding partner Patrick Yip stated, “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 product while providing customers with powerful tech-enabled tools to monitor and manage products through the supply chain.”
