East Ventures and Beenext Lead Biteship Initial Funding
East Ventures and Beenext are leading early-stage funding for startup Biteship with an undisclosed amount. Biteship is a logistics aggregator startup that focuses on simplifying the shipping process for MSMEs and companies, connecting businesses with all shipping services into one platform.
“We are delighted to partner with East Ventures and Beenext for this funding round. This investment will accelerate our mission to integrate better technology into the logistics solutions we present to serve our customers,” said Biteship Co-founder and CEO Mirsa Sadikin in an official statement, Friday (10/6).
East Ventures Principal Devina Halim said, “We believe in Biteship’s mission to provide better logistics solutions from a developer’s point of view, which will lead to efficiency through the use of technology and 3PL network integration.”
The company believes this investment will encourage Biteship to continue to improve its services in addressing the logistics gap in the market, having a direct impact on the growth of the trading industry in Indonesia.
Biteship describes teams, themes, and companies that are ready to compete, they have efficient capital and are very likely to grow in a very large market.
BEENEXT Managing Partner Dirk van Quaquebeke added, “We have known the Biteship team for years, seen how they built the company and we are excited to be partners on their journey.”
Biteship was founded by Mirsa with Afra Sausan (CMO) since 2019. They both see a large technology gap between shipping providers and warehouse providers in the use of technology solutions for SMEs and companies in conducting trade.
Then with its innovation, Biteship simplifies complex delivery processes and empowers all stakeholders in the supply chain through a 4PL approach.
The company creates an API that connects and acts as a single doorway to access third-party logistics (3PL) and warehouse providers to facilitate trading operations. The same solution is also offered by Shipper.
The cargo and logistics market in Indonesia was valued at $81.3 billion in 2020 with 9.2% annual growth. This figure was driven by the growth of parcel delivery services during the pandemic.
The huge potential and unresolved gaps have prompted Biteship to become a solution provider to connect more 3PLs to SMEs. Thus, they can provide a smoother sales experience to consumers.
Services Owned by Biteship
Currently, Biteship has more than 30 3PLs in its network, providing instant services, same day delivery (same day service), next day delivery (next day service), regular services, and cargo services into its ecosystem.
In addition, it has been connected with hundreds of businesses in Indonesia across various industries, including food & beverage, fashion, healthcare, and many others.
“We are proud to be the first platform to approach supply chain product development from a developer’s perspective. We believe that every meeting point of the supply chain product development process must be carefully assembled for future improvements,” said Mirsa.
With better programming, companies can deliver better operations and experiences for businesses and customers. Biteship claims to have recorded growth of eight times in the first quarter of 2022 on a year-on-year basis and maintained profitability with competitive margins.
Mirsa said the fresh funds received by the company would be allocated to develop teams, from the sales, marketing, operations, product, and engineering teams to ensure better operational excellence and increase platform adoption.
And, expand technology capabilities, enable deeper integration with partners throughout Indonesia, and at the same time continue to strengthen logistics e-commerce solutions.
Investors are More Selective
Deandra Fidelia Marbun as Investment Analyst at Central Capital Venture (CCV) as an investment vehicle from the BCA group expressed her views related to the intricacies of funding that are happening in the midst of the country’s technology industry. Starting from local to global aspects.
On a local scale, the decline in the number of Covid-19 patients has a positive impact. The re-growth of the economy has an effect on increasing public demand, which then has an impact on inflation.
In the global realm, the lockdown in China, the Russia-Ukraine war, and the previously discussed “Tech Winter” are also taken into consideration. Adjustments do not only occur to startups but also to investors, which causes investment to become tighter.