Indonesia-based FishLog hooks in major funding, scales up sustainable seafood

Photo Credit: Fishlog

Indonesia is the world’s second-biggest fish producer after China. Every year, the Southeast Asian country’s fish farms churn out about 6 million tons of fish, valued at around US$30 billion.

This opportunity has led to the rise of many new aquaculture tech startups in Indonesia, including unicorn eFishery.

FishLog, another startup in this space, has raised undisclosed funding in a pre-series A extension round, with investors including Accel, Insignia Ventures Partners, and Saison Capital.

With Mandiri Capital Indonesia and BNI Ventures also participating, this round makes FishLog the only startup to secure investments from three Indonesian state-owned banks, the company said in a statement.

BRI Ventures – also a VC arm of a government-owned bank – took part in FishLog’s previous pre-series A round in 2022.

The latest fundraise will boost FishLog’s cold chain ecosystem with a large share going toward the distribution of FishLog’s traceable seafood in the US, a market the firm entered in 2023. FishLog said it has distributed over 60,000 kilograms of seafood to the country since then.

Founded in 2020, FishLog works as an enabler for fisheries. It offers services like FishLog Trace, which makes sure that seafood comes from responsible sources, and FishLog Smart Contract, which handles financing and enhances aquaculture supply chain transparency.

The startup said it has linked up with over 60 buyers globally. It also claimed to have increased cold storage productivity by 40% through sustainable supply and technology, handling over 4,000 tons of seafood inventory monthly.

In December 2023, FishLog also received a grant of US$100,000 from the United Nations Development Programme and Indonesia’s Finance Ministry.

The grant will support initiatives like enhancing the financial literacy of fisher families, providing character education for fishers’ children, and encouraging mangrove planting for global carbon tracking in the fishing industry.

See also: EFishery takes on global aquaculture in a balancing act