Miguel Cordon · · 1 min readIndonesian agritech startup raises $10m in series A round led by Openspace Ventures
Agritech startup TaniGroup has closed a US$10 million series A round, led by Singapore’s Openspace Ventures.
The fundraise also saw participation from Intudo Ventures, Golden Gate Ventures, and The DFS Lab, a fintech accelerator funded by the Bill and Melinda Gates Foundation.
Image credit: sutiporn / 123RF Stock Photo
The Indonesia-based startup plans to use the money to expand its services in the country and to speed up the development of new products.
TaniGroup also expects the funding to underpin its growth throughout 2019. To further improve its platform, it aims to seek partnerships with Indonesia’s central government, regional administrations, international and local organizations, as well as other agritech startups.
Currently, TaniGroup operates agriculture ecommerce platform TaniHub and peer-to-peer lending provider TaniFund.
Established in 2016, TaniHub provides fresh produce directly from farmers to customers and is mainly driven by business-to-business sales. But it now also caters individual consumers its farm-to-table app. TaniHub says it has partnered with over 25,000 local farmers in Indonesia.
TaniFund, on the other hand, provides lending for farmers who may lack access to formal financial institutions. It is currently registered with the Financial Services Authority and is a member of Indonesian Fintech Lenders Association.
Editing by Eileen C. Ang
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