Indonesian fishery and marine platform Aruna on Thursday announced it has raised a total of $35 million in a Series A round co-led by Prosus Ventures and East Ventures.
The financing was backed by SIG and existing investors including AC Ventures, MDI and Vertex Ventures. Aruna said this is the largest Series A investment in the agritech and maritime sector in Indonesia.
The startup had initially raised $5.5 million as part of the round in August 2020.
DealStreetAsia had in June this year reported that the startup was in talks with Prosus Ventures, formerly known as Naspers Ventures, to raise new funding of up to $30 million.
In its statement on Thursday, Aruna said it will use the fresh capital to expand its nationwide presence and strengthen its supply chain infrastructure. It also plans to cater to customers in new markets, diversify its product range, and continue to build its data analytics and technology backbone.
Founded in 2016 by Farid Naufal Aslam, Indraka Fadhlillah, and Utari Octavianty, Aruna aims to create fair trading of seafood products, while also improving the livelihood of local fishermen.
“Currently, Aruna has a base of 21,300 registered fishermen across 13 provinces in Indonesia. This funding round will enable us to further expand our network of fishermen and fish farmers across Indonesia and help service the huge global demand for our products. Aruna aspires to be a tangible solution to improve the living standards of Indonesia’s coastal communities,” said Aslam in the press statement.
Along with the fundraising, Aruna also announced the appointment of Budiman Goh as company president and Utari Octavianty as its chief sustainability officer.
Indonesia comprises more than 17,500 islands and is currently the world’s second-largest fisheries producer with market size of more than $30 billion. The fisheries sector also plays a crucial role in supporting coastline communities. It is also a source of livelihood for more than 3 million fishermen in the country.
Aruna says it adheres to stringent global standards, fisherman profiling, and traceability data, and empowers local community fishermen through financial inclusion, as the traditional fishing industry is still facing significant poverty and underdevelopment.
“Having built a robust supply chain and technology infrastructure steeped with deep industry knowledge and expertise, we believe Aruna is uniquely positioned to service the growing global demand for sustainable fishery products while supporting the livelihoods of local fishermen,’ said Sachin Bhanot, Head of Southeast Asia Investments at Prosus Ventures.