eFishery nets $200M at unicorn valuation
Last week, we had the privilege of supporting Indonesian aquaculture startup eFishery in conducting its Public Relations activity by distributing the press release of its success in scoring a whopping $200 million in Series D funding!
Their smart feeding system for fisheries has propelled them to become the first startup in the aquaculture industry to reach a billion-dollar valuation. Their ambitious goal is to reach one million aquaculture ponds in Indonesia by 2025 and expand internationally.
The funding round was led by the Abu Dhabi-based 42XFund, with participation from Kumpulan Wang Persaraan (Diperbadankan), Malaysia's largest public sector pension fund, Swiss asset manager responsibility, and 500 Global. Notably, existing investors Northstar, Temasek, and SoftBank returned for this round, and Goldman Sachs acted as the exclusive financial advisor to eFishery.
eFishery has made a significant impact on Indonesia's aquaculture sector, contributing 1.55% to the country's gross domestic product, according to a study by the Demographic Institute of the University of Indonesia (LDUI). This is particularly noteworthy as Indonesia has the second-largest fishing and aquaculture industry globally, producing 5.8 million tons of fish annually.
Founded in 2013 in Bandung, West Java, by CEO Gibran Huzaifah, eFishery currently serves 70,000 fish and shrimp farmers across 280 cities in Indonesia. In addition to their smart feeding system, their platform includes marketplaces for selling fish and shrimp feed, fresh products to B2B consumers, and financial products for fish farmers.
While Indonesia's aquaculture sector is already substantial, Huzaifah believes it has only tapped into 7% to 9% of its full potential. Challenges include fragmentation due to different business practices across the country's 34 provinces. To overcome this, eFishery localized its operations and built relationships with local players and middlemen, respecting their expertise and engaging them as local partners.
Principal Iman Adiwibowo of 42XFund expressed confidence in eFishery's technology and comprehensive aquaculture solutions, emphasizing their positive impact on small farmers in Indonesia. eFishery's focus on sustainability and contribution to environmental preservation aligns with its vision for a more inclusive and sustainable economy in Indonesia and globally.
eFishery's recent funding success is a testament to its disruptive presence in the aquaculture industry. Keep an eye on this dynamic startup as they continue to make waves and revolutionize the sector.