Indonesian startup Eden Farm closes $1.7m seed round led by Global Founders Capital

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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.

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.

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.