An internal review by FTI Consulting, commissioned by eFishery, reveals the company is significantly behind in technology adoption.

Despite deploying 6,300 eFeeders, far below the 400,000 units projected to investors, adoption remains limited. Many areas lack essential technologies like water quality monitoring sensors.

Of the US$314 million raised, only US$8.5 million (2.7%) has been allocated to technology development, with an estimated US$8 million needed for full integration.

Former employees indicated that eFishery operates more like a traditional supplier and trading system, relying heavily on manual labor.

This aligns with earlier reports that the company had around 2,600 employees in 2024 before cutting down to 200 in early 2025.

The FTI review also noted that the primary app lacks accounting system integration, leaving most transactions handled manually.

EFishery has not publicly responded to the review or media inquiries.

A Bloomberg analysis last month highlighted that the company’s business model, connecting fish farmers with feed suppliers, buyers, and financial services, operates on tight margins and reportedly incurs significant losses.

Recent eFishery developments