Indonesian IoT startup eFishery raises $4m Series A from Wavemaker, others

Visual of the product from the efishery website. September 2015

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.

Also Read:

Indonesian IoT startup eFishery gets pre-Series A funding from Aqua­spark, Ideosource

IoT startup UnaBiz raises $10m Series A co-led by Japan’s KDDI, Engie

Google scouting for Indonesian startups for 2nd batch of Launchpad Accelerator in US

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.