July 19, 2022
Indonesian poultry startup manages to raise seed funding
Chickin, an Indonesia-based poultry startup, said on July 15 it has raised an undisclosed amount of seed funding led by East Ventures with the participation of other investors.
The investment will accelerate Chickin's mission in enhancing Indonesia's food security, where Chickin will allocate the fund to focus on improving its growth, people, technology, partner acquisition and farmers empowerment to ensure the best quality and maximum amount of production, Chickin said in a statement.
Chickin was founded in 2020 by president Ashab Alkahfi, chief executive officer Tubagus Syailendra, chief technology officer Ahmad Syaifullah.
The founders realised the inefficiency in growing the chicken as well as being familiar with the industry which is very highly fragmented. The cycle of chicken harvest and consumption is very fast moving, which results in uncontrollable supply and demand.
Chickin aims to democratise the poultry industry by utilising and integrating the internet of things (IoT) technology and data management to increase farmers income by saving their feed cost through climate control.
Moreover, it provides financing in farm inputs as well as a channel to sell high quality chicken to business-to-business (B2B) customers through data transparency (supply-demand matchmaking).
Chickin provides a technology solution in the form of cloud-based software for farmers, enabling them to carry out effective cultivation management with dashboard monitoring, transparency of livestock supervision and cage management tools.
Additionally, it produces a hardware, with the integration of IoT, to create an optimal food conversion ratio. The hardware enables the adjustments and setting of climate suited for the chicken to ensure increased productivity.
"All of these tools were created as efficiently as possible, affordable by farmers, and easy to use. We have a big goal to create food security in the consumption of chicken broilers in Indonesia," said Syaifullah.
The company has impacted thousands of farmers and acquired more than 150 farm locations with more than 2.6 million chickens in population capacity. It has experienced more than 50 times growing revenue figures in the past one year.
"We are aware that chicken is an animal protein that can be consumed by everyone. With a very large total domestic market, coupled with the 16% growth of annual consumption based on the historical trends for the past five years, Chickin has a mission to reach the untapped potential market in the industry by partnering with several stakeholders from upstream to downstream to enter the market by ecosystem that we made," said Tubagus.
East Ventures partner Melisas Irene said agriculture is one of the sectors that is less digitalised, yet it is strategically important for the country's gross domestic product (GDP).
"This sector has enormous potential given how staple chicken is to every Indonesian's daily consumption. We are confident of this mission and believe that the solutions provided by the Chickin team will bring greater economic opportunity for chicken farmers," she added.
East Ventures is a pioneering and leading sector-agnostic venture capital firm headquartered in Singapore.
- Technode Global