The announcement confirms our report in January, which highlighted talks between the said parties towards raising a funding round understood to be around $15 million.
Founded in 2013 and based in Bandung, eFishery offers an end-to-end platform that provides farmers with feed and access to financing and market networks.
Currently, the company offers four main products, which comprise an automatic feeding device for fish and shrimp (eFisheryFeeder), a fish feed product (eFisheryFeed), a financial scheme for farmers (eFisheryFund) and an online platform connecting fish farmers with customers (eFisheryFresh).
The company says that its services have reached more than 24 provinces and served thousands of fish and shrimp cultivators throughout Indonesia.
“The company’s ability to provide farmers with the latest smart devices integrated with cloud-based mobile analytics has transformed the very traditional way of doing business in Indonesia,” said Northstar Group co-founder Patrick Walujo in the statement.
Since its last funding round in 2015, eFishery claims that its business has quadrupled and has been profitable over the past two years.
The company says the proceeds of the latest funding will be used to support product development, strengthen eFishery’s position in the domestic aquaculture industry, and develop its team.
“This new funding helps us to grow the company, opens up access to launching our products throughout Indonesia and achieves our vision to become the leading Aquaculture Intelligence company in Indonesia,” said eFishery co-founder and CEO Gibran Huzaifah.
Among the newest innovations launched by eFishery is eFisheryPoint, an integrated physical service center located close to farmers, which aims to make it easier for farmers to easily access various eFishery products.
eFishery currently operates 30 eFisheryPoint locations in Indonesia and plans to open 100 new eFisheryPoints throughout Indonesia by the end of 2020. This, the company said, is part of its efforts to “grow the business tenfold.”
After raising a pre-Series A funding round in 2015 backed by local VC Ideosource and Dutch fund Aquaspark, eFishery garnered $4 million in its Series A round at the tail-end of 2018. The round saw participation from a mix of regional and global investors including Wavemaker Partners and 500 Startups, Maloekoe Ventures, Social Capital, Unreasonable Capital and Triputra Group, as well as its existing backer Aquaspark.
In Indonesia’s aquaculture industry, eFishery is joined by fellow startup Aruna, which operates as an e-commerce platform for fishery products to create a fair trading ecosystem. Aruna bagged seed funding from UMG Idealab in 2017 and has recently been reported to have received investment from local VC firms East Ventures, SMDV and Agaeti.