Indonesia-based AgriTech startup eFishery has recently announced that it has raised US$90 million in a Series C funding round led by SoftBank Vision Fund2, Singapore state investor Temasek, and Sequoia Capital India.
The funding round was joined by existing investors Go-Ventures, Northstar Group, Wavemaker Partners, and Aqua Spark.
The latest financing round has been described as the largest fundraise by an aquaculture tech startup across the globe. The fresh funding will help eFishery’s platform to scale up and strengthen its digital products, thus making it the biggest digital “cooperative” for shrimp and fish farming.
The company also plans to expand regionally, aiming at the top 10 countries in aquaculture like China and India.
“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,” Lo added.
“With $20 billion in market size, and a fragmented and complex supply chain, aquaculture is one of the largest and most attractive opportunities in Indonesia. That’s what makes this partnership with eFishery, the undisputed leader in the market, so exciting,” said Aakash Kapoor, VP at Sequoia India.
Founded in 2013, Bandung-based eFishery provides an end-to-end platform providing fish and shrimp farmers with access to feed, technology, markets, and financing.
eFishery started as an IoT feeder for fish and shrimp farming and then diversified into fishery grocery (eFishery Fresh), fish and shrimp feed (eFishery Feed), and offering loans to aquaculture farmers (eFishery Fund).
eFishery claims to have deployed thousands of smart feeders that offer services to more than 30,000 farmers across 24 provinces in Indonesia. Additionally, over 7000 farmers have been supported by its eFund service.
The company’s latest products include eFarm-online platforms, which provides shrimp farmers with comprehensive information about their farming operations, and eFisheryku, where farmers can purchase their farming supplies at competitive prices.