Indonesia’s aquaculture company eFishery has raised US$200 million in its Series D funding round led by Abu Dhabi-based global fund manager 42XFund.
Malaysian public sector pension fund, Kumpulan Wang Persaraan (KWAP), Switzerland-based asset manager responsAbility, 500 Global, Northstar, Temasek, and SoftBank also joined.
The funds will be used to expand the eFishery farming community, targeting to engage over 1 million aquaculture ponds in Indonesia by 2025 and increasing the transactions of fish feed and fresh fish on the platform. The goal is to export fully traceable, chemical-free and antibiotic-free shrimp to international markets.
Co-Founder and CEO Gibran Huzaifah said: “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.”
Also Read: eFishery secures US$32M loan from DBS Indonesia to support expansion move
Founded in 2013, eFishery is one of Indonesia’s largest digital co-operatives for fish and shrimp farmers. It offers an integrated aquaculture ecosystem that provides access to technology, supporting over 70,000 fish and shrimp farmers in 280 cities across Indonesia.
Its solutions include feeder technology that speeds up the crop cycle by up to 74 days, access to financial institutions worth more than US$40 million, and a platform to sell fish and shrimp crops.
The company has three main objectives: to address food security through aquaculture, to overcome fundamental challenges in the aquaculture industry by providing affordable technology, and to reduce social and economic inequality through an inclusive digital economy.
In October 2022, eFishery secured a US$32 million loan from DBS Bank Indonesia, as per a Tech In Asia report.
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