Indonesian agritech startup AgriAku has secured approximately $4-6 million in funding through a convertible note round led by Redbadge Pacific, the Asia-Pacific arm of Redbadge, the U.S.-based family office of entrepreneur Robert L. Burch, DealStreetAsia has learnt.
The funding, which closed a few months back, also drew participation from a mix of existing and new investors, sources said. Founder Irvan Kolonas is understood to have participated in the round in his personal capacity.
People familiar with the company said management had evaluated a range of options to extend the firm’s operating runway before securing the latest financing. The fresh capital is expected to provide additional runway as the company sharpens its focus on agricultural input distribution, the sources added.
AgriAku did not immediately respond to requests for comment. DealStreetAsia has reached out to Redbadge Pacific and AgriAku’s largest shareholders.
Redbadge, which operates across Singapore, South Korea and the US, invests in venture capital, private equity and real estate. The firm has backed startups including Vietnam’s 1Office, South Korea’s Medisola, and Singapore-based Propseller and Beam. In Indonesia, its portfolio includes Waresix, BintanGO, and GoPlay, which was later spun out from GoTo and rebranded as Everywhere.id. Earlier this year, Waresix’s subsidiary PT BSA Logistics Indonesia debuted on the Indonesia Stock Exchange.
AgriAku last raised $35 million in a Series A round led by Alpha JWC Ventures in 2022 before securing a further $5 million extension round later that year from investors, including TNB Aura, Indogen Capital, Gentree Fund, and Argor Capital.
According to DealStreetAsia’s DATA VANTAGE, the company has raised $46 million in equity fundraising. Argor is the company’s largest shareholder with a 22.74% stake, followed by Unruly Rebels Pte. Ltd. (15.97%), Alpha JWC Ventures (12.51%), Irga Spring Corporation (12.07%), Altrui Investment Management (9.17%), and MDI Ventures’s two funds, which together hold 9.72%.
The latest raise comes as AgriAku navigates a more challenging funding environment for agritech startups and executes changes to its business model following years of rapid expansion, sources said.
Founded in 2021 by Irvan Kolonas and Danny Handoko, AgriAku started as a B2B marketplace connecting farmers, retailers, and suppliers in the agricultural sector. Its digital platform helped small and medium-sized agri retailers access farming products, including seeds, fertilisers, pesticides, and other agricultural inputs.
However, in recent months, the company is said to have reduced its focus on the broader marketplace model and is concentrating on the distribution and sale of agricultural inputs, particularly fertiliser products, sources familiar with the company’s operations said.
This is because agricultural inputs offer stronger demand visibility and more predictable economics than some of the company’s earlier initiatives, the people mentioned above said.
As part of the transition, AgriAku has also undertaken organisational restructuring, especially affecting its sales team. Last year, the company let go of around 20-30% of its staff.
The fundraising comes amid early signs of renewed investor activity in Southeast Asia’s agritech sector following a prolonged period of caution.
Recent transactions in the sector include an extension round raised by Indonesian agritech startup Beleaf and Dayatani earlier this year. Last year, Elevarm, Eratani, Acronasia, Semaai, Hifeed, and DELOS were among those that were able to secure funding.
Even so, investors say the market remains significantly more selective with greater emphasis on profitability, capital efficiency, and governance. Structured financings, convertible instruments, and other downside-protection mechanisms have become increasingly common as investors seek to manage risks.
