Pitik Co-Founders Arief Witjaksono (L) and Rymax Joehana
Indonesia’s largest poultry-tech startup Pitik has secured US$14 million in a Series A round of financing led by Alpha JWC Ventures with participation from existing investors MDI Ventures and Wavemaker Partners.
Pitik will continue developing advanced technologies and farm automation products to increase farm productivity with this new funding. It also targets to build a presence in all areas of Java this year and expand to other islands in 2023.
The startup will also grow its business to downstream services such as processing and distribution to end-users.
“Our big dream is to empower all poultry farmers in Indonesia through our integrated services and make sure we can improve their livelihood. This funding round will enable us to reach out to more farmers, drive further innovation, and unlock additional efficiency gains for farmers,” said Co-Founder and CEO Arief Witjaksono.
Also Read: Pitik nets funding from Arise, Wavemaker
Launched in mid-2021 by serial entrepreneurs Witjaksono and Rymax Joehana, Pitik provides farmers with full-stack farm management technology to improve productivity. Upon joining Pitik ecosystem, all farms are installed with IoT systems. They are also given access to its smart app to facilitate real-time farm monitoring and instant issue identification through its algorithm.
Beyond technology, Pitik leverages its ecosystem to supply quality farm input to farmers, provide financing services, and offtake the harvest with “the best prices and guaranteed payment terms”.
In the past six months, Pitik claims to have increased its farm network size by over 10x by partnering with hundreds of farmers in 53 West and Central Java districts. The poultry-tech firm sells over 16 million chickens annually from this network of farmers.
Last December, Pitik announced an undisclosed seed raise co-led by Arise and Wavemaker Partners.
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