[L-R] PasarMIKRO Co-Founders Dien Wong (CEO), Edo Djayaputra (COO), and Hugo Verwayen (CFO)
PasarMIKRO, an Indonesia-based agri commodity trade platform, has secured US$2.5 million in an oversubscribed seed funding round led by Trihill Capital and Resolution Ventures.
Genting Ventures, 1982 Ventures and other unnamed investors also joined
The fresh funds will help PasarMIKRO grow its user base, expand product offerings, and enter new markets.
The new round comes nine months after PasarMIKRO’s pre-seed round led by 1982 Ventures.
Started in early 2022, PasarMIKRO is a mobile-based commodity trading and trade finance desk service for agri players, revolving around farmers, suppliers and traders.
Also Read: 1982 Ventures closes debut US$20M seed-stage fintech fund
It connects farmers and traders for daily activities, such as bookkeeping, working capital, and marketplace transactions to sell their products. The company is going after Indonesia’s US$130 billion agriculture, forestry and fishing market (over 13 per cent of GDP according to the World Bank ) by empowering smallholder farmers, traders and the entire value chain.
PasarMIKRO launched a pilot in the Blitar province focused on eggs and has quickly expanded to all major provinces with over ten commodities on its platform. The firm is projected to hit over US$300 million annualised gross transaction value and 10,000 users by the end of 2023.
Dien Wong, CEO and Co-Founder of PasarMIKRO, said: “PasarMIKRO gives farmers and traders a real-time trading platform that provides reliability, transparency and frictionless transactions. Connecting the agriculture value chain has a direct, immediate and positive impact on the income of Indonesian farmers and traders.”
Co-Founder Hugo Verwayen added, “PasarMIKRO is solving a huge bottleneck in the agri value chain by enabling the existing traders, aggregators and farmers with digitisation and access to working capital. We have scaled into new commodity segments and provinces while keeping costs low and managing our burn.”
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