Indonesia-based smart fish feeder manufacturer eFishery has secured a $4-million Series A funding round from a group of global investors including Singapore-based VCs Wavemaker Partners and 500 Startups.
Other investors that participated in the round include Maloekoe Ventures, Social Capital, Unreasonable Capital and Triputra Group, as well as existing backer Aquaspark, a Utrecht (the Netherlands) based aquaculture investment fund, eFishery said in a statement.
eFishery is an internet of things (IoT) startup for fish and shrimp farming that provides a smart feeding solution to help farmers make informed decisions about their aquaculture ponds.
It uses data-driven technology to enable last-mile data gathering on fish production and fish behavior which can be leveraged to solve some of the biggest fish farming issues including risk management, supply inefficiency, lack of financing, and market access.
The company runs a nationwide operation in Indonesia, where its services has been deployed in 16 province and 67 regencies/cities. Meanwhile, it also operates pilot projects in Bangladesh, Thailand, and Vietnam. The company claims the biggest customer base in Asia for any aquaculture startup.
“Ultimately, with this new round of investment, we want to further scale and refine our operating model. We aim to be a platform that connects the entire ecosystem in fish and shrimp farming, creating a more accountable and profitable industry across the region,” said eFishery co-founder and CEO Gibran Hudzaifah.
Aquaspark, which led eFishery’s previous round of funding, has topped up its investment in the company, which it believes possesses “massive” potential in a rapidly growing market.
“We think the industry is going to triple in the next 30 years. Eighty-per cent of the aquaculture industry is in Asia, with Indonesia alone having over 4 million fish farmers,” said Aquaspark founder and managing partner Amy Novogratz. “This type of solution makes sustainable farming more profitable. It is certainly going to transform the industry.”
Aquaspark, which boasts a large network of experts, organisations, institutions, and portfolio companies the global aquaculture industry, led eFishery’s pre-Series A funding round raised in 2015, together with Indonesian VC firm Idesource.