Indonesian logistics-tech company Kargo snags US$31M Series A financing

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Indonesian logistics tech company Kargo announced today it has closed a US$31 million financing round, led by Silicon Valley-based Tenaya Capital.

Sequoia India and Southeast Asia, Intudo Ventures, Coca-Cola Amatil, Agaeti Convergence Ventures, Alter Global, and Mirae Asset Venture Investment also participated in the round.

Kargo offers an online platform to handle logistics solutions for businesses, with motor-bike, car, truck, ship and aeroplane.

The employees of the company recently joined the fight against COVID-19 by pledging US$1 million Logistics Relief fund for truckers moving essentials throughout Indonesia on the platform.

“Our entire company is donating a portion of our salaries to this cause and we invite local businesses and organisations to get in touch so we can work this problem together,” said CEO Tiger Fang.

Filipino-centric social app Kumu raises US$5M from Openspace Ventures

The Philippines-based live-streaming social app Kumo has raised US$4-5 million in Series A funding round led by Openspace Ventures according to DealStreet Asia.

ABS-CBN, Summit Media and Kickstart Ventures also joined the round.

With the new funds, the company aims to develop its platform and improve its user experience.

The firm also plans to introduce new features, such as a community-driven live commerce platform, which will allow users to buy products while engaging with online streamers.

Also Read: News Roundup: MightyJaxx raises US$3.2M funding; Vietnam’s Homebase closes pre-seed round

According to Co-founder Rexy Josh Dorado, a large majority of Kumu’s users are from outside the Philippines, covering 100 different countries around the world. This is also the audience segment which alone drives  50 per cent of Kumu’s revenue.

Capital Float lands US$15M to improve digital financial inclusion in India

Capital Float, an online platform that provides working capital finance to SMEs in India, has announced a US$15 million funding from existing investors Ribbit Capital, Amazon, SAIF Partners and Sequoia Capital, according to The Economic Times.

This round brings the company’s total funding raised to date US $125 million.

“At a time when the industry is faced with multiple challenges, we want to continue making lending effortless for SMEs and consumers across the nation,” said Sashank Rishyasringa and Gaurav Hinduja, Co-founders of Capital Float, in a joint statement. “We’re eager to significantly increase our lending capacity once the lockdown is lifted to enable SME growth and consumer spending at scale.”

Image Credit: Kargo

The post Afternoon News Roundup: Indonesia’s logistics-tech firm Kargo snags US$31M Series A appeared first on e27.
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