Indonesian agritech startup TaniHub Group announced that it has raised a total of $65.5 million in its Series B funding round that will fuel its business expansion.
The funding round was led by MDI Ventures and participated by new and existing investors, including Add Ventures, BRI Ventures, Flourish ventures, Intudo Ventures, Openspace Ventures, Tenaya Capital, UOB Venture Management, and Vertex Ventures.
Founded in 2015, TaniHub seeks to narrow the gap between the prices that Indonesia’s 40 million small farmers receive for their produce and the price that consumers pay for the same food.
The startup disclosed that Indonesia’s agricultural markets have traditionally been highly fragmented, with farmers restricted to selling in their local area and a long, inefficient supply chain of middlemen and traders.
This reduces profits for farmers, increases prices for buyers, and leads to massive food waste.
“We will strive to help increase the competitiveness of Indonesia’s agricultural sector and make a difference in the lives of our farmer partners through the country,” said TaniHub Group CEO Pamita Wineka.
As a B2B agriculture marketplace, TahiHub connects farmers with food, hotel, restaurant, and catering business people.
TaniHub is a B2B agriculture marketplace that connects farmers with food, hotel, restaurant, and catering business people. Through TaniHub’s platform, local farmers can sell their crops to individuals as well as micro, small, and medium enterprises (MSMEs) in various regions.
The group is composed of three main units – TaniHub, the e-commerce platform; TaniSupply, its logistics platform; and TaniFund, its embedded fintech platform.
“Tanihub Group has an important role in transforming the agriculture sector and has proven that its presence can deliver positive impact to the quality of life of farmers. We hope our investment can help them continue their work and expand their coverage to more and more farming communities in Indonesia,” said Sandhy Widyasthana, director of Portfolio Management at MDI Ventures.