Antler, eFishery CEO back profitable Indonesian corn startup

(From left) Kora co-founder Reza Prakoso, Antler partner Agung Bezharie, and Kora co-founder and CEO Dian Prayogi / Photo credit: Kora

Maize plays a pivotal role in Indonesian agriculture, including as a prime source of animal feed. In 2022, the country’s maize production was estimated to reach 44 million tons.

Agritech startup Kora is one of those few startups operating in this space.

Kora aims to improve the quality and quantity of post-harvest maize. In a statement, co-founder and CEO Dian Prayogi Susanto said that over 90% of small-scale farmers in Indonesia don’t have access to maize-processing facilities and major corporate buyers.

This leads to multiple intermediaries in the sales process, which the company hopes to shorten and simplify under a B2B model.

The startup has raised US$400,000 in pre-seed funding from Antler and Gibran Huzaifah, co-founder and CEO of aquatech unicorn eFishery.

Funding details

• Funding amount: $400,000
• Investors: Antler, Gibran Huzaifah
• Stage: Pre-seed

By using technology, Kora said it helps farmers produce maize that is more nutritious and consistent in quality. “This allows them to sell directly to large-scale buyers at competitive rates,” Susanto said.

The company operates primarily in the Lampung province, where Susanto’s late grandparents used to live and work as farmers.

Kora currently works with 130 farmers, whose average revenue has increased by 25% to 38% after joining the Kora network, according to the company.

Within ten months in 2022, Kora said it sold almost 11 million kilograms of maize for US$2 million, making it profitable. In the first quarter of 2023, Kora’s revenue increased 5x compared to the same period in 2022.

The startup aims to triple its daily maize production by the end of this year and by 5x in 2024. It is also considering expanding to other agricultural commodities.

See also: This Temasek-backed agritech firm sows sustainability into rice farming