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Ardi Wirdana · · 2 min readAccel, BRI Ventures said to back seed extension round of Indonesian fishery firm
Indonesian fishery startup FishLog has secured investment from local VC firm BRI Ventures and its US counterpart Accel as part of the tech company’s ongoing seed extension round, several sources familiar with the deal told Tech in Asia.
The size of the round, which has yet to be finalized, could not be ascertained. However, one of the sources tells Tech in Asia that the company is targeting to raise a sum of around US$3 million.
FishLog, BRI Ventures, and Accel did not immediately respond to our query on the matter.
(From left) FishLog founders Reza Fahlepi, Bayu Anggara, and Abdul Halim / Photo credit: FishLog
The extension round comes only five months after FishLog announced its “seven-digit US-dollar figure” seed round at a valuation of over US$10 million. The round was led by Insignia Ventures Partners and joined by Arise Ventures, KK Fund, Ango Ventures, and Indian startup Captain Fresh.
Founded in 2020 by three graduates of the Bogor Institute of Agriculture (IPB), FishLog runs a B2B marketplace that connects the stakeholders of the cold chain network of fisheries nationwide, including cold storage warehouses, fishermen, and buyers.
It also aims to streamline the seafood supply chain across the different parties, while building efficient processes, fair-trade transactions, and sustainable distribution through technology.
FishLog is a new challenger in the field of fisheries in Indonesia, which has been occupied by a couple of well-funded startups, namely eFishery and Aruna, which have each raised a total of over US$100 million in funding.
For Accel, which has vowed to double down on Southeast Asia, the investment in FishLog is its latest deal in Indonesia after previously injecting capital into investment platform Pluang in January and quick commerce app Astro in March of this year.
Meanwhile, for BRI Ventures, which acts as the corporate venture arm of Indonesian state-owned lender Bank Rakyat Indonesia, the funding into FishLog likely comes from its early-stage fund Sembrani Nusantara. The firm recently launched a secondaries fund in partnership with Fundnel, an online marketplace for alternative assets.
Aditya Hadi Pratama contributed to this story.
Editing by Miguel Cordon, Simon Huang, and Jaclyn Tiu
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The extension round comes only five months after FishLog announced its “seven-digit US-dollar figure” seed round.
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