Indonesian agri-foodtech startup Eden Farm announced raising a total of $19 million in its Series A round of financing.
The funding round was co-led by AppWorks and AC Ventures, with participation from Trihill Capital, OCBC Ventures, Investible, Corin Capital, and existing investors, including Global Founders Capital.
David Setyadi Gunawan, Founder & CEO of Eden Farm, said they plan to expand to 25 cities and 8 regencies by the end of 2022.
Gunawan added that this would mean the company supplying more than 100,000 customers with 100% fulfillment rate of more than 1,000 SKUs, to finance and generate demand.
Established in 2017 and armed with the mission of ‘Feeding the Nation’, the company simplifies the supply chain to improve margins by reducing prices and cutting out middlemen, provide accurate demand forecasts for farmers by implementing digital acceleration, and achieve production predictability.
“In addition, we are securing a higher volume of strategic products through Eden Community Center (ECC), which enables us to penetrate the B2B market more aggressively all the way to the central market,” Gunawan said in a statement.
Jamie Lin, Chairman & Founding Partner at AppWorks, said they are excited for the agri-food tech startup’s journey ahead as they also help their support team in making an even bigger impact in Indonesia’s agricultural sector.
Adrian Li, Founder & Managing Partner at AC Ventures, said being an early investor in the company, they have seen it grow and achieve all the milestones. They also expressed their continued support for them.
Currently, Eden Farm now serves more than 53,000 customers by working with over 2,000 farmers across Java, equipped with five fulfillment centers. It focuses on the B2B market which supplies high-quality food ingredients to HORECA, wet markets, traditional culinary, and ecommerce.
As of September 2021, the company said it is supported by 400 key partners to ensure reliable product supply.
According to the Central Bureau of Statistics, Indonesia is home to 33.4 million farmers, with the agriculture sector contributing 14% of Indonesia’s GDP or US$140 billion in market size, growing at 12.93% quarter-on-quarter. With the agriculture sector being heavily fragmented with inefficient supply chains, farmers’ income is limited with significant margin leakage throughout the value chain.