Roambee enters Southeast Asia IoT market
Roambee, the Internet of Things (IoT) supply chain and enterprise asset visibility company, recently announced it has received US$2 million in funding from MDI Ventures, Telkom Indonesia’s corporate venture capital firm. With this, Roambee is nearing the completion of US$10M in funding and rapid expansion across seven countries in just 14 months. MDI’s investment will be used to fuel Roambee’s entry into Indonesia and Southeast Asia’s booming logistics market. Roambee’s first customer in the region will include Telkom Indonesia, the largest telecommunication services company in Indonesia.
“The opportunity in Indonesia is huge,” says Roambee CEO Sanjay Sharma. “It’s one of the largest in the world, with almost 24 per cent of the country’s GDP spent on logistics. With MDI’s investment, Roambee gains a significant advantage in quickly assuming a leadership position in driving the enterprise digital transformation of Indonesia across supply chain shipment and asset monitoring visibility.”
Global investment dynamics are changing with Asian VC funds, such as those from MDI, outpacing US VC investments for the first time. Related, recent research shows that Indonesia’s logistics market is expected to reach USD $240 billion by 2021.