eFishery founder and CEO Gibran Huzaifah
Indonesia’s aquaculture company eFishery has received US$30 million in green and social loan from leading lender HSBC Indonesia.
The aquatech startup will use the money to accelerate the utilisation of its automatic feeding product for small-holder farmers, eFeeder, which speeds up the crop cycle by up to 74 days.
Also Read: eFishery banks US$200M, targets to engage 1M+ aquaculture ponds by 2025
According to founder and CEO Gibran Huzaifah, the eFeeder penetration will empower small-scale fish and shrimp farmers with the technology and resources needed to be more productive and sustainable.
As per the agreement, HSBC Indonesia will act as Sustainable Finance Coordinator for eFishery to support the implementation of ESG principles.
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 also include 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.
The company looks to expand the eFishery farming community, targeting to engage over one 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.
Also Read: eFishery will look to expand across Asia, Middle East: CEO Gibran Huzaifah
Three months ago, eFishery acquired AI-powered IoT startup DycodeX to its AI initiatives, including the launch of an upcoming brand, eFishery.ai.
Last July, the startup secured 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 co-invested.
According to a Tech In Asia report, eFishery secured a US$32 million loan from DBS Bank Indonesia in October 2022.
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