Corin Capital Invests in Webtrace’s Extended Seed Round
Previously, the round was closed, it's the strategic value that becomes a consideration
Bintoro Agung - 3 September 2020
It only took five months, Webtrace announced another fresh fund from investors. It is Corin Capital’s venture capital that invests in Webtrace.
It was in early April that Webtrace received seed funding from Prasetia Dwidharma and Astra Ventures. The round has closed. However, Webtrace’s CEO & Co-Founder, Erwin Subroto explained that today’s announcement is an extension of yesterday’s seed funding.
“Actually it has [closed], but Corin Capital is just an extension round considering the strategic value given to Webtrace,” Erwin told DailySocial.
As the previous ones, Webtrace is also planning to use this new fund for three things: pursuing more aggressive marketing, acquiring more customers, and boosting sales.
Webtrace is a startup engaged in the logistics sector. Its service provides a platform to help truck fleet managers operate efficiently.
Webtrace implements its services through the installation of sensors and the internet of things (IoT) solutions. With this technology, truck managers can explore various data and analyses in real-time. Eventually, they will be able to manage and maximize the utility of the vehicle, driver, and eliminate unnecessary costs.
In April, Webtrace announced to acquire 3500 trucks in the onboarding process. Those who join Webtrace are said to have come from Sumatra, Java, Kalimantan, Madura, to Sulawesi. Erwin also said that the number of trucks listed on the platform has reached 2.5 times since then.
In terms of the target at the end of this year, Erwin said he was determined to grow to two times the current achievement. He also hopes that Webtrace can expand the solutions they offer especially for heavy equipment, agricultural machinery, as well as an integrated platform for cargo insurance.
“Webtrace is ready to lead the industry with unique solutions and comprehensive case studies, ensuring that existing solutions are effective in solving problems and challenges experienced by customers,” concluded Erwin.
Aside from Webtrace, there are several local startups working on similar solutions, democratizing logistics fleets with a touch of technology. One of those is Ritase, besides connecting companies with truck vendors, they are also offering SaaS for transportation and logistics management.
Original article is in Indonesian, translated by Kristin Siagian