eFishery, an Indonesian agritech startup, has raised USD 90 million in a Series C funding round co-led by Temasek, SoftBank Vision Fund 2 and Sequoia Capital India on 11 January 2022.
Investors: The latest funding round was co-led by Temasek, SoftBank Vision Fund 2 and Sequoia Capital India with participation from existing investors – Northstar Group, Go-Ventures, Aqua-Spark and Wavemaker Partners.
The Objectives behind the funding: The company will deploy the current proceeds to scale up its platform and to strengthen eFishery’s digital products, making it the largest digital “cooperative” for fish and shrimp farming. The startup also aims to expand regionally, targeting the top 10 countries in aquaculture, such as India and China. eFishery aims to acquire 1 million farmers in the coming 3-5 years, and through its tech-driven solutions, the company will help to modernize farming techniques and improve outcomes.
Founded in 2013 by Gibran Huzaifah and Chrisna Aditya, eFishery is an IoT-based aquaculture company that serves fish and shrimp farmers to reduce economic and social inequalities through the inclusive digital economy. The company provides an automatic fish feeder for commercial aquaculture that uses motion sensors to measure fish appetite and feed amounts. It also offers integrated services, starting from farming operations and financing to distribution, allowing fish farmers to increase productivity and profits in fish and shrimp farming. The company claims to have served over 30,000 farmers across 24 provinces in Indonesia.
eFishery’s latest suite of cutting edge products includes eFarm and eFisheryKu App. eFarm is an online platform that equips farmers with comprehensive and easy-to-understand information about their shrimp farming operations. At the same time, eFisheryKu is an integrated platform where fish farmers can purchase their farming supplies, such as feed, at competitive prices. To date, the company have supported over 7,000 farmers through eFund service, with the total loan approved exceeding USD 28 million.
What the Founder has to say:
“We are focused on increasing farmers’ productivity. Through the introduction of new technologies, we’re streamlining the fish and shrimp farming business, making the industry more effective, efficient and sustainable. For example, our upstream technology, eFeeder, optimizes yield days and increases farmers’ production capacity by up to 26% while also optimizing feed efficiency by up to 30% through reducing time and labour costs. We also connect farmers with buyers via eFresh, our downstream technology, which increases their purchasing power. As a result, the solutions ecosystem lowers operational farming costs and increases the farmers’ income by up to 45%,” said Gibran Huzaifah, Co-founder and CEO of eFishery.
What the Investor has to say:
“Indonesia is one of the world’s largest producers of fish, and we believe its aquaculture industry can play a meaningful role in feeding the world’s growing population,” said Anna Lo, Investment Director at SoftBank Investment Advisers. “eFishery is pioneering the adoption of technology for local fish and shrimp farmers with a complete, integrated platform that supports them to improve productivity across feed supply, production, and the sale of fresh produce. We are delighted to be partnering with the eFishery team to support them to provide a reliable and sustainable supply of aquatic food products to Indonesia and beyond.”
“eFishery’s product offerings spanning feeder devices, input feed procurement, and fresh output sales combined with farmer financing is the most comprehensive and strategic model to serve this market. Sequoia Capital India team is impressed with the strong growth and fundamentals in the business and excited about the prospects of the company,” said Johan Surani, VP, Sequoia India.
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