Indonesia-based startup Eden Farm, an e-commerce platform for fresh agricultural products, raised USD 19 million on 8th November.
Investors: Series A round was led by AppWorks and AC Ventures, with Trihill Capital, OCBC Ventures, Investible, Corin Capital, and existing investor Global Founders Capital.
Purpose of funding: Currently, the company is focused on the B2B model, making it more efficient and accessible to retail customers. This round of funding goes toward developing financial products for farmers and small businesses. In partnership with OCBC Ventures, a venture arm of OCBC NISP and one of Eden Farm’s investors, it is developing a credit product that allows clients to pay over time.
There are around 600 employees split between sales and marketing, farmer relations and operations, and tech and support in the current organization. Finally, new recruitment is underway, with an eye on tech support.
About Eden Farm
Founded in 2017 by David Setyadi Gunawan, Ramavito Mountaino and Febrianto Gamal, Eden Farm is located in Jakarta, Indonesia. Eden Farm is an agritech company that connects micro, small, and medium-sized enterprises that need these products regularly with several sources of fresh agricultural products. Providing farmers and buyers with better margins and pricing, Eden Farm makes the food supply chain more efficient by cutting out intermediaries.
The company also engages with mid-sized retailers and even importers to ensure consistency of supply. Low-quality produce is even sold from the company’s warehouse to reduce waste and increase profits.
Over 2,000 farmers are currently working with Eden Farm in Java. The company operates five fulfilment centres. In a press release, the startup said it serves 53,000 customers. Using Eden Farm’s platform, Eden Farm claims that the income of farmers has more than tripled. The company also claims that customers can reduce their costs by 30%.
What the founder has to say
“By the end of 2022, we plan to expand to 25 cities and eight regencies, supplying more than 100,000 customers with a 100% fulfilment rate of more than 1,000 stock-keeping units. The startup plans to use the new investment to strengthen its supply chain infrastructure and tech capabilities, as well as fund its market expansion and recruit more team members,” said David Setyadi Gunawan, co-founder and CEO at Eden Farm.
What the investor has to say
“As early investors in Eden Farm, we have seen the company grow…as they scaled demand channels and built stronger relationships with farmers on the ground. We continue to support Eden Farm as they further lead this into digitization,” said Adrian Li, founder and managing partner at AC Ventures.
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