Indonesian agritech startup eFishery raises $90m Series C from Temasek, SoftBank & Sequoia

A story on Indonesian aquaculture startup eFishery's fundraising plans was one of our most read articles this week. Photo by Jerry Shen on Unsplash

Indonesian agritech startup eFishery announced that it has raised $90 million in its Series C round co-led by Singapore state investor Temasek, SoftBank Vision Fund 2, and Sequoia Capital India.

Existing investors including the Northstar Group, Go-Ventures, Aqua-Spark, and Wavemaker Partners also participated in the round.

DealStreetAsia had first reported this development in September last year.

As part of the round, the startup raised $80 million in fresh funding, according to its Singapore-registered entity’s filings with the Accounting and Corporate Regulatory Authority (ACRA).

Additionally, it issued Series C shares worth $10 million to convertible noteholders including Dutch investment fund Aqua-Spark, Wavemaker Partners and Go-Ventures.

The current round, described as the largest fundraise by an aquaculture technology startup in the world, will help scale up eFishery’s platform and strengthen its digital products, making it the largest digital “cooperative” for fish and shrimp farming.

eFishery also aims to expand regionally, targeting the top 10 countries in aquaculture, such as India and China.

“Indonesia is one of the world’s largest producers of fish and we believe its aquaculture industry can play a meaningful role in feeding the world’s growing population,” said Anna Lo, Investment Director at SoftBank Investment Advisers.

“eFishery is pioneering the adoption of technology for local fish and shrimp farmers with a complete, integrated platform that supports them to improve productivity across feed supply, production, and the sale of fresh produce,” Lo added.

eFishery started operations in 2013 as an IoT feeder for fish and shrimp farming. The IoT feeder records data on how much feed the aquaculture farmers must give their fish or shrimps.

The company then diversified into eFishery Fresh (fishery grocery), eFisheryFeed (fish and shrimp feed), and eFishery Fund (providing loans to aquaculture farmers).

The company claims that to have deployed thousands of smart feeders, serving over 30,000 farmers across 24 provinces in Indonesia to date. In addition, more than 7,000 farmers have been supported by the company’s eFund service, with the total loan approved exceeding $28 million.

“With $20 billion in market size, and a fragmented and complex supply chain, aquaculture is one of the largest and most attractive opportunities in Indonesia. That’s what makes this partnership with eFishery, the undisputed leader in the market, so exciting,” said Aakash Kapoor, VP at Sequoia India.

eFishery raised an undisclosed amount in its Series B round in August 2020 co-led by Northstar Group and Go-Ventures with the participation of Aqua Spark and Wavemaker Partners.

However, according to DealStreetAsia – DATA VANTAGE, the company had raised $19.81 million in its Series B round. The data was based on the startup’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) and only reflects the equity funding secured by the company.

eFishery had raised its pre-Series A funding in 2015 backed by local VC Ideosource and Dutch fund Aqua Spark.

It later garnered $4 million in its Series A round in 2018. Regional and global investors including Wavemaker Partners, 500 Startups, Maloekoe Ventures, Social Capital, Unreasonable Capital, Triputra Group, and Aqua­ Spark had also participated in the round.

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.