Indonesia’s Eden Farm raises $19m in Series A co-led by AppWorks, AC Ventures

Eden Farm management team

Eden Farm, Indonesia’s agritech company, has raised $19 million in its Series A round, co-led by AppWorks and AC Ventures, per an announcement.

The round also saw the participation of Trihill Capital, OCBC Ventures, Investible, Corin Capital, and existing investor Global Founders Capital.

Eden Farm focuses on the B2B market and sources products directly from farmers. Since its inception in 2017, it has been simplifying the supply chain process in the food distribution network as it looks to improve margins by reducing prices and cutting out middlemen.

It raised its seed round amounting to $1.7 million in 2019. The company claims that farmers’ income has increased by over 200% while reducing food costs for customers by 30%.

“By the end of 2022, we plan to expand to 25 cities and 8 regencies, supplying more than 100,000 customers with 100% fulfillment rate of more than 1,000 SKUs, to finance and generate demand,” said David Setyadi Gunawan, founder & CEO at Eden Farm in the statement.

Currently, Eden Farm serves more than 53,000 customers by working with over 2,000 farmers across Java.

“The Eden Farm team …has proven that they are coachable and have laid out a powerful vision for the future of agriculture in Indonesia,” said Jamie Lin, chairman & founding partner at AppWorks.

Meanwhile, Adrian Li, founder & managing partner of AC Ventures, added: “As early investors in Eden Farm, we have seen the company grow …. as they scaled demand channels and built stronger relationships with farmers on the ground. We continue to support Eden Farm as they further lead this industry into digitization.”

According to the Central Bureau of Statistics, Indonesia is home to 33.4 million farmers, with the agriculture sector contributing 14% of Indonesia’s GDP or $140 billion in market size, growing at 12.93% QoQ.

With the agriculture sector being heavily fragmented with inefficient supply chains, farmers’ income is limited with significant margin leakage throughout the value chain. Additionally, F&B is a $92 billion market, with mom-and-pop stores contributing to $63 billion in market size. The food sector is expected to grow at a CAGR of 8.7%.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.