Indonesian agriculture supply chain startup Eden Farm, which received its first investment from Silicon Valley-based accelerator Y Combinator, has closed its seed funding at around $1.7 million, according to the company founder and CEO David Gunawan.
“We’ve raised an oversubscribed $1,725,000 [round] led by Rocket Internet-backed company, Global Founders Capital, followed by Everhaus, SOMA Capital, S7 Venture, and several angels,” he told DealStreetAsia.
The startup is looking at expanding its footprint, operations and distribution infrastructure to eight major cities. The company plans to add more product categories to maximize its B2B and farmer networks.
The startup, that has garnered a double-digit valuation, plans to reach profitability by February 2020. In two years, Eden Farm also targets to hit a valuation in the three-digit (US million) range.
Eden Farm supplies fruit and vegetables to B2B customers across Jakarta while helping local farmers increase their income. “Our growth driver has always been and will always be our B2B customers and local farmer network,” he said.
The company claims to have grown at an average of 30 per cent month-on-month with a monthly revenue in the region of $70,000. In the near term, the startup plans to operate in five major cities across Indonesia. The company is targeting to achieve a monthly GMV target of $1.3 million next year and $4.5 million in two years.
Lead investor GFC backs seed to later-stage deals across geographies. It is sector agnostic and is now aggressively looking at SE Asia. GFC has made 278 investments till now including prominent names such as Traveloka, Lazada, Trivago, Delivery Hero, to name just a few.
Some of the recent investments in the region led by GFC include a $3-million round in Indonesian home supply startup Klikdaily and a $1.5-million pre-Series A round into Malaysia-based digital health startup Naluri. GFC also joined a $5-million round for Indian furniture and consumer appliances rental startup CityFurnish. Also, Glife, a Singapore-based agritech startup, raised $1.2 million in seed funding from Global Founders Capital and 500 Startups.
EverHaüs, headquartered in Jakarta, invests at the pre-Seed to pre-Series A rounds with ticket sizes ranging from $50,000 to $500,000. EverHaüs, which is sector and geography-agnostic, has backed startups including Indonesian B2B business Bizzy, real estate rental portal Jendela360, and lifestyle app Doogether.
In the recent deals in the agritech space, we had reported that Sayurbox, an e-commerce platform selling farm produce, has closed an investment from Indonesian unicorn Tokopedia. Sayurbox allows customers to order organic and hydroponic vegetables from local farms and have the produce home delivered.