Indonesia’s iGrow gets seed funding from East Ventures, 500 Startups

photo by iGrow

Indonesian organic farm-builder startup iGrow announced today that it has received an undisclosed amount of seed funding from East Ventures and 500 startups. Prior to this round, iGrow had already received $125,000 in investment from 500 startups.

The company plans to use the fresh cash to expand overseas, specifically to Turkey and Japan.

Jim Oklahoma, chief of business development of iGrow said that Japan is an “interesting option”. It is currently on discussion to partner with a local organization in the country.

“We are also closely looking on Turkey, as it will be the best place to plant olives, one of our current crops,” Oklahoma said in a statement.

Despite overseas expansion plans, the company also sees huge growth opportunity at home. iGrow is currently farming in about 1,000 hectares underutilized land. By comparison, there is still 16 million hectares of underutilized land in Indonesia.

iGrow was founded by Oklahoma, Muhaimin Iqbal, and Andreas Senjaya in 2014. The platform allows investors to connect with farmers directly, allowing them to choose for crops they wish to invest in based on budget and expected return.

The farmers then plants the crops while iGrow team monitors and uploads the process through the platform. Once the crops are harvested, it will be sold to iGrow’s partner merchants and both the investors and the farmers share their profits.

In other words, it allows users to play Facebook popular game “Farmville” for real.

With the innovation, iGrow has employed more than 2,200 farmers in a 1,200 hectares of land. It has also harvested more than 350 tons of high-quality crops. Going forward, the startup has already allocated US$1.4 million for planting in the Buleleng, Blitar, Garut, Jonggol, and Banten regions.

Also Read:

Indonesia’s Angin funds three new startups, adds more angels

Indonesian food recipe startup ResepKoki looks to raise initial funding

$14.6b to pour into Indonesian startups, says AMVESINDO

Exclusive: Indonesia P2P lending startup Investree to raise Series A from Kejora

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.