Jofie Yordan · · 1 min readIndonesia’s eFishery secures $32m loan from DBS Indonesia
Indonesian startup eFishery has secured a US$32 million loan from DBS Bank Indonesia. This is DBS Indonesia’s first funding for the aquatech sector and eFishery’s first loan deal.
eFishery co-founder and CEO Gibran Huzaifah / Photo credit: eFishery
In a statement, DBS Indonesia banking director Kunardy Lie said this funding will support the expansion of eFishery’s business and improve its quality and productivity. It also hopes to better connect its farmers to international markets with the new capital.
Meanwhile, eFishery hopes to increase its production and scope by 300% going forward. Its co-founder and CEO, Gibran Huzaifah, said the Bandung-based company plans to expand its products and services to international markets.
Huzaifah added that the company aims to expand to 10 countries within five years. India will be its first expansion target, with China and Vietnam next.
See also: EFishery could be Indonesia’s next unicorn
In January, the aquatech startup raised US$90 million in a series C funding round co-led by Temasek, SoftBank, and Sequoia Capital India. At the time, it marked the largest-ever VC financing for an aquaculture startup globally.
Founded in 2013, eFishery has banked a total of US$140 million in funding to date, including the current loan deal.
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
