(L-R) FishLog co-founders Abdul Halim, Bayu Anggara, and Reza Fahlepi
FishLog, an ecosystem enabler for Indonesia’s fisheries cold chain industry, has announced the completion of its pre-Series A extension round of funding.
The investors in this round include Mandiri Capital Indonesia, BNI Ventures, Accel Partners, Insignia Ventures Partners, and Saison Capital.
Also Read: How Fishlog aims to revolutionise Indonesian fisheries with cutting-edge tech solutions
The size of the deal has not been disclosed.
FishLog will use the capital to empower and elevate fisheries businesses and stakeholders to strengthen its cold chain ecosystem.
The startup also announced the appointment of finance veteran Dimas Wikan Pramudhito as its Chief Financial Officer. Pramudhito has a rich background in esteemed banking institutions such as Rabobank, Mitsubishi UFJ Financial Group (MUFG), Standard Chartered Bank, and NOBEL Capital Investment, including a notable stint as CFO at PT Antam Tbk from 2015 to 2019.
FishLog was established in 2020 by Bayu Anggara, Reza Fahlepi, and Abdul Halim to solve the fragmentation in cold chain fisheries in Indonesia. A seafood platform, FishLog enables the national fisheries cold chain network through community involvement. It empowers cold storage to increase its utility by connecting it with more fishermen, distributors, and buyers.
It offers FishLog Trace and FishLog Smart Contract, powered by blockchain technology. While FishLog Trace guarantees seafood comes from responsible sources, leveraging a traceable sourcing system and providing quality insurance coverage, FishLog Smart Contract handles financing, enhancing transparency.
A portion of the newly raised funds will be used to strengthen its traceable products in the US. FishLog distributes over 60,000 kg of seafood products and connects over 60 domestic and international buyers, helping them expand their businesses.
“The US is one of the largest markets in the world. Based on data from the US Department of Agriculture, US seafood imports exceed exports by US$20.3 billion in 2023. The latest data indicates that there is such a significant potential open for FishLog to strengthen its ecosystem in the US. This can accelerate the profitability of product distribution such as Blue Swimming Crab, Tuna, Shrimp, and many more as Indonesia imports products to FishLog’s B2B international buyers,” stated Bayu Mukti Anggara, co-founder and CEO.
Also Read: FishLog raises US$3.5M to empower cold storage warehouses in Indonesia to improve utility
Sustainability is also a key focus for FishLog as it claims to have achieved a 40 per cent increase in cold storage productivity through sustainable supply and technology, managing over 4,000 tons of seafood inventory per month.
Furthermore, FishLog has empowered over 800 workers, 38 per cent of whom are women. As part of its sustainability initiative, FishLog has recently closed a grant of US$100,000 with the United Nations Development Program (UNDP) and the Ministry of Finance of the Republic of Indonesia.
The company also collaborates with the BNI Xpora programme to support Indonesian seafood SMEs in expanding exports. FishLog has channelled around US$950,000 to empower export fisheries and business partners.
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