eFishery, a digital cooperative for fish and shrimp farmers in Indonesia, has completed a US$90 million Series C round of financing, co-led by Temasek, SoftBank Vision Fund 2, and Sequoia Capital India.
Its existing investors Northstar Group, Go-Ventures, Aqua-Spark, and Wavemaker Partners also returned to co-invest in this round.
Also Read: Go-Ventures, Northstar Group co-lead eFishery’s Series B round
eFishery will use the money to scale up its platform, strengthen its digital products, and expand regionally, targeting the top 10 countries in aquaculture, such as India and China. It aims to acquire one million farmers in three to five years. “This funding will gear us to hire aggressively, especially for engineering and product development talent. We aim to recruit a thousand new employees this year,” Gibran Huzaifah, Co-Founder and CEO of eFishery said.
Based in Bandung, eFishery provides tech alternatives to traditional farming methods to improve outcomes for fish and shrimp farmers. It offers an end-to-end platform providing farmers with access to (i) technology, (ii) feed, (ii) financing, and (iii) markets.
Since launching in 2013, the company claims to have deployed thousands of smart feeders, serving over 30,000 farmers across 24 provinces in Indonesia.
eFishery’s latest suite of cutting edge products includes eFarm, and eFisheryKu app. eFarm is an online platform that provides farmers with comprehensive and easy-to-understand information about their shrimp farming operations. At the same time, eFisheryKu is an integrated platform where fish farmers can purchase their farming supplies, such as feed, at competitive prices.
Farmers can also apply for a loan through eFund, which links fish farmers directly to financial institutions. A key component of eFund is Kabayan (pay later).
Also Read: eFishery, Shiok Meats co-founders on MIT Technology Review’s list of emerging innovators from APAC
To date, more than 7,000 farmers have been supported by this service, with the total loan approved exceeding US$28 million.
Since its Series B round of funding, eFishery has grown its headcount 3x, with more than 900 employees now onboard. Prior to this, it had raised a pre-Series A round in 2015 and a US$4-million Series A round in late 2018.
—
Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.
The post eFishery rakes in US$90M Series C co-led by Temasek, SoftBank unit to expand to China, India appeared first on e27.