It's no secret that many industries are struggling right now, in part due to supply chains that lack enough workers to keep goods moving. In Indonesia, one company trying to solve this problem is Kargo Technologies.
Kargo is a shipping startup which has been referred to as "the Uber of shipping." Co-founded by a former Uber manager, Kargo is a freight logistics marketplace that covers all of Indonesia. Kargo is operating in a country with a shipping industry that is largely managed offline and with trucks running empty a large amount of the time, so they are seeking to take the business online. Business customers use a mobile app or website to order trucks, and the platform connects them with truck operators to move their goods and keep trucks operating at capacity.
In a bid to play a role in stabilizing the Indonesian economy during the COVID-19 crisis, Kargo recently closed on a $31 million Series A round led by Silicon Valley-based Tenaya Capital with further participation from Sequoia India and Southeast Asia, Intudo Ventures, Coca-Cola Amatil, Agaeti Convergence Ventures, Alter Global, and Mirae Asset Venture Investment. Tenaya Capital previously invested in ride-share company Lyft.
At this time, Kargo has no published IP in the United States. If the company hopes to grow internationally in the future, this is certainly a major need. Will they develop new technologies on their own? Or will they use future profits and investment rounds to buy the IP they need to survive and thrive?