Indonesia's Kargo comes out of stealth with $7.6M from Travis Kalanick, Sequoia and others
22 March 2019 12:34 PM IST
Travis Kalanick may be busy cooking up a cloud kitchen business, but that hasn?t stopped the former Uber CEO?s VC fund from making its first investment in Southeast Asia. 10100, the firm that Kalanick launched last year for investments in Asia, just took part in a $7.6 million seed round for Kargo, an early-stage ?Uber [?]
- 10100, the firm that Kalanick launched last year for investments in Asia, just took part in a $7.6 million seed round for Kargo, an early-stage ‘Uber for trucks’ startup that is based in Indonesia and
- Operationally, Fang said Kargo is currently piloting with “a couple of big FMG companies” while, on the supply side, it has access to “thousands” of trucks.
- Yes, valuations and rounds have been ratcheted up in Southeast Asia, where investors and tech companies see potential as internet access grows among the region’s 600 million-plus consumers, but this is a large check for a venture that is literally just kicking off.
- Other names involved including China’s Zhenfund, Indonesia-focused Intudo Ventures, a personal investment from Patrick Walujo — co-founder of Indonesian hedge fund group North Star — ATM Capital, Innoven Capital and Agaeti Ventures from Indonesian businessman Pandu Sjahrir.
- TechCrunch understands that Kalanick agreed to invest last year when he visited Southeast Asia on a trip that combined hiring for his CloudKitchens startup and more generally catching up with the Uber alumni in Asia.
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