(L-R) Antler Co-Founder Reza Prakoso, Partner Agung Bezharie, and Kora Founder Dian Prayogi
Kora, an agritech startup focused on innovations in the post-harvest maize sector in Indonesia, has secured US$400,000 in a pre-seed funding round from Antler and eFishery founder and CEO Gibran Huzaifah.
The new capital will allow Kora to broaden its operational scope, providing better technological assistance to farmers in Lampung, Indonesia.
Founded in 2022 by Dian Prayogi Susanto, Kora aims to elevate the quality and output of post-harvest maize, a crop selected for its pivotal role in Indonesia’s agricultural supply chain and its impact on animal feed costs. Strategically, the startup aims to disrupt the conventional maize supply chain by uniting all parties involved — from farmers to middlemen — under a streamlined B2B model.
Beginning with partnerships involving 30 farmers, Kora has expanded that number to approximately 130.
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Kora claims to have sold nearly 11 million kilograms of maize in just ten months, generated US$2 million in revenue and achieved profitability. According to the firm, it saw a 5x revenue increase in Q1 2023 compared to the same period last year.
Kora is considering opportunities to branch out into the post-harvest sector for other agricultural commodities besides maize.
“Currently, more than 90 per cent of small-scale farmers don’t have access to post-harvest maize processing facilities or major corporate buyers, which often leads to multiple intermediaries in the sales process. Kora aims to shorten this supply chain,” said Susanto. “By leveraging technology, Kora enables farmers to produce maize that is more consistent, durable, and nutritious. This allows them to sell directly to large-scale buyers at competitive rates.”
The maize industry is a strategic sector in Indonesia, covering a land area of 5.5 million hectares and boasting an annual industry value of approximately US$15 billion. In 2022, the maize production is estimated to reach 44 million tons (25.3 million tons of high-moisture corns and 18.7 million tons of stored dry-shell corn) against a demand of 16.98 million tons.
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Image Credit: Kora.
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