Indonesia’s eFishery raises another USD 108 million, valuation surpasses USD 1 billion

Bandung, Indonesia-based eFishery, which offers fish and shrimp farmers an end-to-end platform to access to feed, financing, and markets, has raised another USD 108 million (EUR 100 million), in a move that valued the company at more than USD 1.3 billion (EUR 1.2 billion), according to The Business Times.

The Series D fundraising round was led by the United Arab Emirates-based 42XFund, and also includes money from Northstar Group and SoftBank Vision Fund II. The 42XFund contributed USD 100 million (EUR 92 million) to the round, SoftBank Vision Fund II invested USD 5 million (EUR 4.6 million) and Northstar Gruop invested USD 3 million (EUR 2.7 million), according to the regulatory filing.

Its Series C round, which closed in January 2022, raised USD 90 million (EUR 79 million) and valued the company at USD 400 million (EUR 371 million). Aqua-Spark previously participated in the start-up’s Series B funding round in August 2020.

In October 2022, eFishery received short-term loan worth IDR 500 billion (USD 32.7 million, EUR 33.6 million) from DBS Bank Indonesia to fund its expansion plans. Launched in 2013 by Gibran Huzaifa, who serves as its CEO, eFishery has an ambitious goal of 300 percent annual growth. It aims to expand its operations to 10 total markets within the next five years, including India, China, and Vietnam, TechinAsia reported.

The company operates eFarm, an online platform designed to provide information to shrimp-farmers to help them improve their operations; the eFisheryKu App, an integrated platform where fish farmers can purchase their farming supplies; eFeeder, which is designed to optimizes yield days and increases farmers’ production capacity and feed efficiency; eFresh, a downstream technology designed to increase farmers’ purchasing power; and eFund, which links fish farmers directly to financial institutions and offers an installment payment plan for fish-farming equipment and services. 

eFishery has deployed thousands of feeders to serve more than 30,000 fish and shrimp farmers in Indonesia. It is aiming to have more than a million members of its “digital cooperative” globally by 2025.

Photo courtesy of eFishery