Indonesia's eFishery closes $200m Series D
Indonesian aquaculture start-up eFishery has closed a USD 200m Series D round led by Abu Dhabi-based 42XFund and featuring Northstar Group and 500 Global.
42XFund, also known as G42 Global Expansion Fund, provided USD 100m of a USD 108m tranche last May, with the rest coming from Northstar and SoftBank Vision Fund 2. That investment was said to value the company at USD 1.3bn.
Additional investors in the Series D include Singapore’s Temasek Holdings, Malaysian public pension fund KWAP, Netherlands-based sector specialist Aqua-Spark, and , a Swiss impact investor. Last month, ResponsAbility raised USD 106m for a smart agriculture fund that will be 40% deployed in Asia.
“Currently, Aquaculture is the fastest-growing sector in the global fisheries industry. The strategic support we receive from our investors will help us revolutionise the entire industry, especially by integrating Indonesian smallholder fish farmers into the eFishery ecosystem that spans the entire value chain,” CEO Gibran Huzaifah said in a social media post.
Founded in 2013, eFishery provides access to internet-of-things technology and a cloud-based dashboard to facilitate smart feeding systems, feed procurement, financing, and marketing efforts for fish and shrimp farmers.
Historically, the company has claimed it can increase farmers’ production capacity by up to 26% while optimising feed efficiency by up to 30% through reductions in time commitment and labour costs. The offering features functions for buying fish directly from farmers, as well as a programme for accessing loans from local financial institutions for purchasing farming supplies.
The company aims to support the entire aquaculture ecosystem, including last-mile distribution of seafood, improving profitability and sustainability. There are also ambitions to support the export of fully traceable, chemical-free and antibiotic-free shrimp to international markets.
The technology is said to be used by more than 70,000 fish and shrimp farmers in around 280 cities across Indonesia. This compares to 30,000 farmers across 24 provinces as of a USD 90m Series C in January 2022.
The Series C was led by Temasek, Vision Fund 2, and Sequoia Capital India (now Peak IV Partners). They were supported by Northstar, Aqua-Spark, Wavemaker Partners, and Go-Ventures (now Argor Capital Management). Earlier investors include Maloekoe Ventures, Triputra Group, Social Capital, Unreasonable Capital, and IdeoSource Venture Capital.
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