Pitik co-founders Arief Witjaksono and Rymax Joehana with Arise partner Aldi Adrian Hartanto (C)
Indonesian-based poultry-tech startup Pitik has raised an undisclosed amount of seed funding co-led by Arise and Wavemaker Partners.
MDI Ventures also joined the round.
Pitik will use the funds to advance its product development and empower local poultry farmers to achieve higher production yields.
Launched in mid-2021, Pitik provides poultry farmers with a full-stack farm management system. It enables them to capture data across the value chain and then utilise this data to improve the efficiency of their operations. This ranges from IoT systems that enable real-time farm monitoring and farm algorithms that facilitate instant decision intervention and improve productivity.
On top of technology, Pitik also assists farmers in procuring high-quality farm inputs and selling the chickens at a competitive price, providing end-to-end value-added support throughout the production cycle.
As of now, Pitik has partnered with farmers in over 20 districts in Java and secured more than 4 million annual chicken production capacity and will look to continue to grow this number in the coming months.
Pitik co-founder and CEO Arief Witjaksono, stated: “Like the rest of agriculture landscape in Indonesia, poultry farming has seen very little innovation in the past decades. This results in high operational inefficiencies and multiple layers of intermediaries in the value chain. Being able to reduce inefficiencies in the farm with technology is the first crucial step to ensure that Indonesian poultry farmers can produce high-quality chicken and be profitable at the same time.”
The current market for poultry in Indonesia is sized at US$7.4 billion with a 7 per cent CAGR from 2015 to 2020. The opportunity for growth in this market is immense since Indonesia’s chicken consumption per capita reaches 5.9x lower than other Southeast Asian countries, signalling substantial room for growth.
Arise is an early-stage VC fund launched in partnership with Telkom Indonesia-backed MDI Ventures and Bank BCA-backed Finch Capital. It enables next-gen startups to scale up and build their businesses with proprietary technology in Southeast Asia. The fund provides long-term capital, strategic go-to-market networks, and hands-on company building capabilities.
In August, Arise announced the first close of its US$40-million debut fund from multiple third-party corporate investors, family offices, and high-net-worth backers.
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Image Credit: Pitik
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