TransTRACK, an Indonesian fleet tracking startup, has announced raising $12 million in a Series A funding round co-anchored by global investment firm Eurazeo and Singapore-based early-stage venture investor Cocoon Capital.
The fresh funds come as the company, which focuses on digitalising fleets and supply chain integration solutions, eyes expanding across Southeast Asia, particularly in Indonesia, Singapore, and Malaysia, per the announcement.
It also targets opportunities outside the region in markets like Australia and Taiwan.
The latest investment round, first reported by DealStreetAsia last week, was also backed by IFP Securities, Bintang Delapan, AppWorks, and other investors. TransTRACK had raised $2.1 million in a pre-Series A funding round led by Ortus Star in 2023.
TransTRACK said it offers companies solutions to digitalise their fleet operations and increase productivity and fleet utilisation by 40% and reduce overtime, fuel and labour costs, total mileage, and idle time by 30%.
Additionally, TransTRACK said its green technology solutions, including a carbon emission dashboard, carbon footprint analytics, and marine transport optimization, are poised to support the implementation of Indonesia’s carbon tax in 2025.
The company serves over 1,200 clients across 130 cities in Indonesia and 30 cities in Malaysia and Singapore, with more than 150,000 subscriptions.
Its solutions cater to various sectors, including logistics, public transport, retail, finance, mining, ports and marine, industrial services, and plantation and forestry.
“From day one, we’ve been committed to driving innovation in logistics and fleet management, and with this new capital, we are excited to scale our operations and meet the growing demands of our clients,” said TransTRACK founder and CEO Anggia Meisesari.
The company claims to have achieved growth since its inception in 2019, with a 20% month-on-month growth over the past year.
Ernest Xue, investment director at Eurazeo, said logistics remains key to the overall economic competitiveness of Southeast Asia but the sector has faced fragmentation and efficiencies due to infrastructural challenges.
“There is significant potential for the right player to grow solutions that ease these dislocations and drive down logistics costs,” Xue said.
TransTRACK’s latest funding round comes as the volume of equity funding rounds of Southeast Asian startups fell in Q2 2024, reversing the upward trend observed in the previous two quarters, according to DealStreetAsia’s SE Asia Deal Review: Q2 2024
Startups in the region sealed only 160 deals in April-June, compared with 180 in the first quarter. Equity deal value in Q2 stood at $1.29 billion—only a slight improvement from $1 billion in the previous quarter.
