Aruna, an Indonesia-based fisheries and marine platform, aims to build a sustainable fishery and marine economy in the country after it raised $35 million in a Series A funding round.
Venture capital firm Prosus Ventures and Indonesia-focused growth fund East Ventures (Growth Fund) co-anchored the funding round. SIG, AC Ventures, MDI, and Vertex Ventures also participated in the Series A funding, according to an announcement.
In addition to the funding news, the startup also announced the appointment of Budiman Goh as president of the company and Utari Octavianty as chief sustainability officer.
The fresh funding, which got into the coffers of Aruna just a year after the firm raised $5.5 million, will be used to expand the startup’s presence in Indonesia.
Aruna was founded in 2016 by Farid Naufal Aslam, Indraka Fadhlillah, and Utari Octavianty with the goal of helping create fair fish trading, improve the livelihood of local fishermen, and bring affordable and high-quality seafood to communities.
It also seeks to strengthen its supply chain infrastructure and generate customers in new markets by diversifying its product range and enhancing its existing product.
The company mainly works with small fisheries (or fisheries that own boats with a capacity of about 1-2 metric tons), with a focus on sustainability and suppliers.
“Aruna aims to connect the small-scale fishers to the global exposure in promoting the delectable seafood of Indonesia; through the wholesale deal, retail shopping, and business partnership,” the firm said on its website.
As of now, the company has a base of 21,300 registered fishermen across 13 provinces in Indonesia and plans to expand the number significantly in the future.
Aruna operates in a market consisting of more than 17,500 islands. Currently, Indonesia is the world’s second-largest fisheries producer, commanding a market size of more than $30 billion.
Despite the Covid-19 pandemic, Aruna said its revenue increased by 86 times. This encouraged Aruna to extend the existing product variety.