Elevarm’s founders
Indonesia’s integrated farming productivity platform Elevarm has secured US$2.6 million in a seed funding round led by Singapore’s Insignia Ventures Partners.
500 Global and eFishery founder and CEO Gibran Huzaifa also participated.
The strategic raise, completed in two phases, will be used to scale Elevarm’s seedlings and organic fertiliser production capacity threefold to meet growing demand.
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The company will also make significant investments in NextBio, its in-house R&D engine, to develop new products to improve biodiversity, soil health, and ecosystem resilience. It aims to introduce 15 new organic products this year, including biostimulants, fertilisers, and plant and bio-pesticides solutions.
The fresh capital will additionally be channelled towards a new factory equipped with advanced manufacturing technology to expand its capacity for fertiliser production and more.
Launched in 2022, the Elevarm platform of interconnected horticultural services and products empowers farmers with affordable quality inputs for higher farming productivity, broader market reach, and safe and accessible financing.
With a growing base of over 13,000 agricultural partners and 5,000 active farmers as customers, Elevarm claims to have grown its 2023 revenue up 7x from the previous year.
“We see incredible value in uplifting our local smallholder farmers, the backbone that makes up half of Indonesia’s entire farming industry. Our mission is to democratise access to farming essentials that not only boost crop yields for them, but contribute to the circular economy in the long run, through our proprietary research, technology, and solutions,” said Bayu Syerli Rachmat, co-founder and CEO of Elevarm.
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Elevarm plans to collaborate with new research institutions and strategic partners to engineer affordable, deeptech horticulture solutions tailored to uniquely local challenges at different stages of the farming journey. On top of servicing over 400 hectares of farmland through its current farming partners, Elevarm’s B2B marketplace for farmers and wholesalers facilitates monthly crop sales of up to 1,000 tonnes.
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