technology

Indonesian startup eFishery raises US$90M in Series C round

Date: January 12, 2022 Sunil Jha Sunil Jha
Indonesian startup eFishery raises US$90M in Series C round 
eFishery, an aquaculture tech startup based in Indonesia, has reportedly announced that it has raised, what it calls, the world's largest round of funding for an aquaculture tech business.



According to reports, Temasek, Sequoia Capital India, and SoftBank Vision Fund 2 co-led a US$90 million Series C round for the firm, which supplies feeding devices, software, as well as financing to aquaculture enterprises and fish and shrimp farmers.



Existing investors, namely, Go-Ventures, Northstar Group, Wavemaker Partners, and Aqua-Spark also participated in the investment round.



The company stated that the funding will be used for growing eFishery's network and entering the top ten aquaculture nations, including India and China.



The company stated that within the next three to five years it hopes to onboard over 1 million farmers on its platform.



Gibran Huzaifah, CEO and co-founder of eFishery, stated that the latest funding would allow the company to scale its impact, expand regionally, and attain its goal of becoming a prominent aquaculture technology firm by enhancing the standard of living of the farmers eFishery empowers.



The company boasts of a strong product portfolio, which includes software like eFarm, a farm management software that allows shrimp farmers to oversee their activities, and eFisheryKu, a platform similar to eFarm but for fish farmers.



The firm’s financing product includes solutions such as eFund, a platform that connects fish farmers with financial institutions for thigs like pay later services to purchase supplies. According to company claims, over 7,000 farmers have availed the eFund services thus far, with over $28 million in loans approved.



Some of the other products include devices such as the company’s smart feeders, which is now being used by around 30,000 Indonesian farmers



Anna Lo, investment director, SoftBank Investment Advisers, stated that Indonesia is among the world's biggest suppliers of fish, and its aquaculture sector can play a substantial role in sustaining the world's rising population.



Recently, TaniHub and Eden Farm, some of the other leading Indonesian agtech businesses, have successfully raised large rounds of funding, as have Aruna, a ‘sea-to-table’ fishery business, as well as Chilibeli, a social commerce platform.



Source credit: https://techcrunch.com/2022/01/10/indonesias-efishery-raises-90m-from-temasek-softbank-vision-fund-2-and-sequoia-capital-india/

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Sunil Jha

Sunil Jha has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for newsorigins.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.