Indonesian agritech firm eFishery hits unicorn status with $108m series D

eFishery co-founder and CEO Gibran Huzaifah / Photo credit: eFishery

Indonesian agritech startup eFishery has raised US$108 million in series D funding, pushing its post-money valuation to US$1.3 billion, according to VentureCap Insights, which tracks regulatory filings.

The latest round is led by 42xfund and it saw participation from existing investors Northstar Group and SoftBank Vision Fund II.

EFishery last raised US$90 million in a series C funding round in January 2022.

Funding details

• Funding amount: $108,000,000
• Lead investors: 42XFund
• Other investors: Northstar Group, SoftBank Vision Fund
• Stage: Series D
• Valuation: $1,300,000,000

In a previous exclusive interview with Tech in Asia, eFishery co-founder and CEO Gibran Huzaifah said that the company aims to have 1 million fish farmers as members of its “digital cooperative” by 2025.

Founded in 2013 in the city of Bandung, the startup entered the market with an IoT device called eFishery Feeder, which enables automated feeding in fish and shrimp farms.

Other revenue sources include eFishery Mall (a marketplace for selling fish and shrimp feed), eFishery Fresh (a platform that sells fresh fish and shrimp to B2B customers), and Kabayan (a pay-later program for fish farmers).

eFishery has declined request from Tech in Asia for official comments.

See also: Indonesia’s eFishery revels in farmer financing foray, but there’s a catch

Update (May 25, 9:22 p.m. SGT): This article was updated to include eFishery’s decline to comment on this funding round. 

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