Indonesian start-up eFishery secures $90M in Series C funding round
The aquaculture tech company eFishery received $90M yesterday (11.01.2022) in their latest funding round, which they say is the biggest investment to ever be achieved globally by an aquaculture tech start-up.
Leading investors in the Series C round include Temasek, Softbank Vision Fund 2, and Sequoia Capital India, with The Northstar Group, Go-Ventures, Wavemaker Partners and Aqua-SPARK also contributing to the fundraising.
Co-founder and CEO of eFishery, Gibran Huzaifah commented: “This new funding will allow us to scale our impact, expand regionally, and achieve our target of being a leading aquaculture technology company by improving the livelihoods of the farmers that we empower. We are excited to partner with Temasek, Softbank Vision Fund 2, and Sequoia Capital India, who we believe can add a significant boost to our mission.”
When it was founded in 2013, eFishery began by sending smart feeder machines, which release fish feed autonomously, to more than 30,000 farmers in 24 Indonesian provinces.
The company also offers end-to-end solutions for farmers to help them make fish and shrimp farming more efficient. Some ofeFishery’s software makes it easier for aquaculture farmers to manage farming operations. One such example is the eFisheryKu app for fish farmers, which allows them to buy farming supplies at a reasonable price. The other app available is eFarm, which lets shrimp farmers oversee their operations digitally.
Within the eFisheryKu app, farmers can also access loans, through a separate service called eFund. The platform connects farmers with financial institutions and offers a ‘Pay Later’ scheme which gives fish farmers funding in instalments which they can use to buy important goods needed for farming.
Around 7,000 farmers have used this service so far, eFishery noted in a statement.
The start-up aims to use the latest funding to strengthen their platform and to further develop their products. In doing so, they hope to expand their services outside of Indonesia to some of the most influential countries in the aquaculture market like China and India.
eFishery also intends to have its software used by around a million new farmers in the following three to five years.
The company is currently the first aquaculture tech start-up in Asia bringing innovative change to the aquaculture sector, according to a recent company statement.