Indonesian agritech firm eFishery confirms raising $200m series D (update)

Indonesian aquatech firm eFishery has raised a total of US$200 million in series D funding, pushing its valuation to surpass US$1 billion.

According to VentureCap Insights, which tracks regulatory filings in Singapore, eFishery is valued at US$1.4 billion.

Funding details

• Funding amount: $200,000,000
• Lead investor: 42XFund
• Other investor: Kumpulan Wang Persaraan, responsAbility, 500 Global, Northstar, Temasek, SoftBank
• Stage: Series D

Founded in 2013 by Gibran Huzaifah and Muhammad Ihsan Akhirulsyah, the startup first entered the market with an IoT device called eFishery Feeder, which enables automated feeding in fish and shrimp farms.

Its other revenue sources now include eFishery Mall (a marketplace for selling fish and shrimp feed), eFishery Fresh (a platform that sells fresh fish and shrimp to B2B customers), and Kabayan (a pay-later program for fish farmers).

With the new funding, the company wants to cover more than 1 million aquaculture ponds in Indonesia by 2025 and increase the transactions of fish feed and fresh fish on the platform.

According to the OECD, Indonesia is the world’s second-largest aquaculture producer with a total output of 14.8 million tons in 2020, equivalent to 13.2% of global production.

See also: Indonesia’s aquaculture industry rises to the helm amid farmer decline

More details