EverHaüs-backed Indonesian startup Eden Farm snags YC funding; eyes seed round

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Indonesian agriculture supply chain startup Eden Farm, which is backed by domestic venture capital firm EverHaüs, has received an investment from Y Combinator after it secured its place in the Silicon Valley-based seed accelerator’s summer 2019 batch, according to company founder and CEO David Gunawan.

Eden Farm will be presenting on Demo Day on August 19-20, where the latest batch of Y Combinator-funded founders present their companies to specially selected investors.

Eden Farm, possibly the only Indonesian company to be selected under this batch, is also looking to raise a seed round of funding. The startup is seeking a valuation of $12 million for the seed round.

“We have been very capital efficient with the combined pre-seed investments from YC and Everhaus. We are now eyeing a $12 million valuation for our seed round [after YC] to expand our presence in five major cities and at least 10 farmer cities across Indonesia,” he added.

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 52 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 and it is targeting to cover the entire country in the long run.

“Our mission is to feed the nation,” he added. The company plans to add more product categories to maximize its B2B and farmer networks. The startup also plans to reach profitability by February 2020.

“Eden Farm focuses on delivering value to producers, and increasing their livelihoods. Other companies focus on the consumers. Eden’s proprietary tech and algorithm is programmed to maximize returns to farmers, making them incredibly sticky,” says EverHaüs General Partner Gitta Amelia.

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 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

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

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

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  • 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. 
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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.