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.