Fresh Factory Receives Initial Funding of US$ 4.5 million

Larry Ridwan, Founder & Chief Executive Officer Fresh Factory (Paling kanan). Foto: Dok PR

Fresh Factory, full-film startup chain cold , announced that it has raised seed US$ 4.5 million in Saratoga Investama Sedaya TBK, Trihill Capital, Indogen Capital, Prasetya Dwidarma, Number Capital, Y Combinator, and several angel investors .

Fresh Factory provides a network fulfillment , transformations, and fulfillment systems that enable businesses to store, pick up, package, and ship their products to customers.

“We thank all investors for the trust placed in us. This investment is a strong testament to Fresh Factory's solutions to bring new innovations to the cold chain management industry in Indonesia. This fund will accelerate our mission to support all business owners in Indonesia, especially small and medium enterprises (SMEs) in driving growth and increasing their business scale," said Larry Ridwan, Founder & Chief Executive Officer of Fresh Factory in a press release, Monday, (27 /6/2022).

According to Larry, Indonesia is a country that is blessed with abundant resources from agriculture and aquaculture, so there is a need for efficient cold chain logistics for storage and delivery from production centers to customers.

However, there is still a big gap in how cold supply chains in Indonesia focus solely on central warehouses without the availability of mid and last mile logistics.

"To overcome pain point , Fresh Factory is here as a solution by establishing cold storage in various locations close to customers," said Larry.

Fresh Factory currently has more than 20 branch warehouses spread across various cities in Java, Sumatra, Sulawesi, and Bali, where they provide frozen to cold storage solutions.

They have also integrated various technology solutions into their services, such as GeoTagging and GeoLocation to store products in warehouses, Artificial Intelligence (AI) to forecast and manage stock in warehouses, and Internet of Things (IoT) to monitor freezer and chiller .

Larry added, Fresh Factory will allocate these funds to continue expanding its warehouses to all secondary cities in Java, and main cities in Sumatra and Sulawesi. In addition, it will also invest in teams and technology, to increase adoption and achieve operational excellence.

Meanwhile, as of April 2022, Fresh Factory has achieved US$ 10 million annual GMV and annual fulfillment for more than 1 million orders. In addition, this startup has also recorded revenue growth of 30% MoM in the last three months.

"We believe Fresh Factory is here as a solution to improve cold chain logistics for perishable food products and help MSMEs. We believe Fresh Factory has and will continue to benefit and create a more resilient society,” said Avina Sugiarto, Venture Partner of East Ventures.

For information, Fresh Factory was founded by Larry Ridwan, Founder & Chief Executive Officer , Widijastoro Nugroho, Co-Founder & Chief Commercial Officer , and Andre Septiano, Co-Founder & Chief Financial Office r.

Founder and Co-Founder realized the magnitude of the problem with cold chain logistics in Indonesia. This makes it difficult for various micro and small business actors to run and develop their businesses, as well as customers who are required to pay expensive shipping costs.

Especially with the rise of e-commerce in Indonesia, cold chain infrastructure is becoming increasingly important, where Fresh Factory is present as the right solution to the problems and increasing needs of cold chain logistics in the country.