July 12, 2023

eFishery raises US$200 million in funding to expand aquaculture farming in Indonesia

Indonesia-based eFishery has successfully raised US$200 million in its Series D funding round, which will be used to expand the country's aquaculture farming community and increase fish feed and fresh fish transactions on its platform, Technode Global reported.

The funding round was led by global fund manager 42XFund, based in Abu Dhabi, and supported by Malaysia's largest public sector pension fund, Kumpulan Wang Persaraan, Switzerland-based asset manager responsAbility, venture capital firm 500 Global, and other new and existing investors, including Northstar, Temasek, and SoftBank.

eFishery's said the strategic support from investors will help revolutionise the industry, particularly by integrating Indonesian smallholder fish farmers into the eFishery ecosystem and streamlining the entire value chain.

Gibran Huzaifah, co-Founder and chief executive officer of eFishery, said the company plans to use the funds to expand the eFishery farming community. The goal is to engage over 1 million aquaculture ponds in Indonesia by 2025 and increase the volume of fish feed and fresh fish transactions on the platform.

The expansion of the farming community will also support eFishery's objective of exporting fully traceable, chemical-free, and antibiotic-free shrimp to international markets while strengthening the connection between end consumers and farmers. The company aims to create a sustainable and inclusive economy and contribute to environmental preservation goals.

Investors praised eFishery's innovative business model and its impact on the aquatech industry. The company's technology and comprehensive aquaculture solutions have significantly benefited small farmers in Indonesia and have the potential to disrupt the traditional aquaculture market not only in the country but also beyond.

eFishery, established in 2013 in Bandung, West Java, has emerged as Indonesia's largest digital cooperative for fish and shrimp farmers. The company's IoT-based digital auto feeder has changed the aquaculture industry by improving accountability, efficiency, and convenience in fish farming. Its data-driven technology optimises feeding, fish health, and water quality while minimising waste.

With its marketplace for selling fish and shrimp feed, a platform for B2B sales of fresh fish and shrimp products, and financial access for fish farmers, eFishery has supported over 70,000 farmers across 280 cities in Indonesia. The company's contributions have had a significant impact on Indonesia's aquaculture sector, contributing 1.55% of the sector's GDP in 2022, according to a research conducted by the Demographic Institute of the University of Indonesia (LDUI).

-      Technode Global