Recent News

East Ventures invests in seed round for Indonesian on-demand coffee startup Fore Coffee

Fore Coffee

21/9/2018 – Fore Coffee, a coffee startup that has been trending in Indonesia lately has raised an undisclosed amount of seed funding from early-stage investor East Ventures.

The coffeehouse launched its operations just last month in August as a specialty coffee startup that delivers the finest brew of coffee to its customers.

“We are leveraging from the network and expertise from our predecessor Otten, and we are equipped with machine and technology to deliver the finest quality coffee to our customer,” said Fore Coffee’s CEO Robin Boe.

It currently operates its first store in Otten Coffee Jakarta shop, which is located in Senopati No 77, South Jakarta and as of today serves 1,000 cups of coffee daily.

The company is also on its way to open its second outlet in Plaza Indonesia in October and aims to open more branches in both shopping malls and offices.

“We dream of the day where everyone has access to affordable specialty coffee close to them every day and we are excited that we are moving forward to that steadily,” added Robin.

East Ventures managing partner Wilson Cuaca believes that the popularity of food delivery services among Indonesians will make Fore Coffee a hit, similar to how the Chinese market has warmed up to their local Luckin Coffee.

“The Indonesian tech ecosystem has been moving fast with a lot of innovations that have changed our daily life, particularly the way consumers get their food. This sparks a new hypothesis within us which we want to proof quickly,” said Cuaca.

“Can we serve a new demand with a new bottom-up startup design that sits on new innovation in Indonesia? In China, Luckin Coffee answers that question.”

In fact, the Chinese startup was so well-received that it had become a unicorn after closing its Series A round earlier this year.

In any case, East Ventures hopes that its new incubated product will perform as well as its predecessors EV Hive and Warung Pintar.

Coworking space provider EV Hive had raised US$20 million in a Series A funding round led by SoftBank Ventures Korea, in what the startup said was one of the largest Series A rounds in Indonesia to date.

Meanwhile retail tech startup Warung Pintar recently had also raised another US$4 million round, backed by big regional investors including Two Temasek affiliates, Vertex Ventures and Pavilion Capital, as well as LINE Ventures.

Earlier this week, East Ventures announced a lead investor in loyalty startup Member.id. Last week, it joined a US$5 million pre-Series A funding for Singapore-based fintech startup Helicap.

Vietnamese logistics startup EcoTruck receives US$1.7 million in pre-Series A funding

Ecotruck

Ecotruck

19/9/2018 – EcoTruck, a logistics startup based in Ho Chi Minh city said that it has raised a US$1.7 million pre-Series A funding, which will be used for enhancing their platform and talent recruitment.

South Korean investors Nextrans, FuturePlay, Access Ventures LLC participated in the round, along with Viet Capital Ventures, a newly established investment firm associated with IDG Ventures Vietnam’s vice president Pham Hop Pho.

The startup had also previously raised US$300,000 in its seed round. With this bridge round, the startup had so far raised an accumulated funding capital of about US$2 million.

Founded in 2017, EcoTruck acts as a middleman between merchants and logistic operations. Its platform works with more than 90 logistics vendors in Vietnam, who are managing 700 container trucks in two hubs: Hai Phong and Ho Chi Minh City.

Its centralized platform leverages the sharing economy model and data intelligence to lower costs and streamline operations.

This provides a viable solution to the logistics industry which is challenged by poor infrastructure, large inventory, and an outdated process which still involve manual paperwork and emails to facilitate calls to conduct.

The industry is even plagued of corruption where there are kickbacks between supply chain employees and logistics vendors, which unnecessarily drive up operating and shipping cost. According to Le, these inefficiencies cost merchants 25 percent of their revenue to offsetting logistics cost.

“With technologies and the right business model for a much bigger scale, EcoTruck can operate with a much lower cost, resulting in much lower end prices of goods,” said Hoang Anh. adding that the service provided by EcoTruck has helped reduce logistics costs for its partners as much as 20 percent.

The platform also provides various data analytics and insight which includes suggesting the most suitable vendor to dispatch the merchant’s freight or calculating the most optimized delivery route. Besides, merchants can select their preferred logistics vendors who are bidding for their job as per to their own criteria.

Meanwhile, for logistics operators, EcoTruck allows them to maximize their truckload, helping them to increase their revenue, while merchants can save time on having to manage shipping processes that were lengthy and complex, as well as reduce their transportation expenditure through their transparent bidding system.

So far, EcoTruck claims that there are 80 merchants who use their portal regularly. These businesses transport a range of goods including fertilizer, rubber, frozen fruit and vegetables, bioproducts and even more delicate and hazardous cargo like chemicals.

The startup completed 820 orders in August 2018 and even recorded a trucking GMV of US$130,000 in August while its trucking revenue stood at US$6,500. It also earned an additional US$2500 in revenue, providing other services including customs and freight booking.