April 4, 2024

Indonesian aquaculture startup FishLog secures funding for expansion

Indonesian aquaculture startup FishLog has successfully raised undisclosed funding in a pre-series A extension round, attracting investments from prominent backers such as Accel, Insignia Ventures Partners, and Saison Capital, Tech in Asia reported.

Notably, FishLog becomes the sole startup to secure investments from three Indonesian state-owned banks, including Mandiri Capital Indonesia and BNI Ventures, marking a significant milestone for the company.

This new capital injection will primarily support FishLog's cold chain ecosystem, with a significant portion allocated to expanding the distribution of its traceable seafood products in the lucrative US market, where the company ventured in 2023. Since its entry into the US market, FishLog claims to have distributed over 60,000 kg of seafood.

Established in 2020, FishLog operates as a vital facilitator for fisheries, offering a range of services including FishLog Trace, which ensures seafood authenticity and responsible sourcing, and FishLog Smart Contract, designed to streamline financing and enhance transparency in the aquaculture supply chain.

The startup boasts partnerships with over 60 buyers worldwide and reports a 40% increase in cold storage productivity through sustainable practices and technology, managing a monthly inventory of over 4,000 tons of seafood.

In December 2023, FishLog received a grant of US$100,000 from the United Nations Development Programme and Indonesia's Finance Ministry, aimed at supporting various initiatives such as improving the financial literacy of fisher families, providing character education for fishers' children, and promoting mangrove planting for global carbon tracking in the fishing industry.

Indonesia stands as the world's second-largest fish producer after China, with its fish farms annually yielding approximately 6 million tons of fish valued at around US$30 billion. This vast potential has spurred the emergence of numerous aquaculture tech startups in Indonesia, including the unicorn eFishery.

-      Tech in Asia