Indonesian agritech startup eFishery today announced that it has raised $4 million in funding from Aqua-spark, Wavemaker Partners, 500 Startups, Maloekoe Ventures, Social Capital, Unreasonable Capital and other institutional investors.
The funding round got here after an undisclosed before series A round of financing that the corporate secured in September 2015.
In a press statement, eFishery also said it was the “largest-ever funding round received by any agritech and Internet of Things (IoT) startup in Indonesia.”
“We believe that each investor will bring us unique value, network and learning. “Ultimately, with this new round of investment, we aim to further scale and refine our operating model. Our goal is to be a platform that connects the entire ecosystem in fish and shrimp farming, creating a more responsible and profitable industry across the region,” explained eFishery co-founder and CEO Gibran Huzaifah, as quoted by Website e27.com.
Overfeeding is an issue that directly impacts the freshwater fish and shrimp farming industry, with fish feed accounting for about 70 percent of the whole cost of farming. Gibran says the startup’s data-driven device provides farmers with a direct, cost-effective solution.
It enables automated feeding of animals on fish farms, and farmers can monitor and plan the method using a smartphone app.
“So far, we’ve been working on pilots with financial institutions to offer financing and partnering with some restaurant chains to get better prices for farmers. We hope to be able to scale these new services and offer more value through our technology and platform,” he continued.
Technology in Asia reports that the Bandung-based startup claims to be profitable, with revenues increasing 261 times over the past two years.
Its devices are utilized in 67 regencies and cities across 16 Indonesian provinces, particularly in Java, Bali, Lampung, Bengkulu, West Nusa Tenggara, and South Borneo. The startup plans to expand its presence to other parts of Sumatra, Borneo, and Sulawesi over the following yr.
It also runs pilot projects in Bangladesh, Thailand and Vietnam.
