Indonesia’s agriculture commodity trade platform PasarMIKRO has raised $2.5 million in an oversubscribed seed round led by Trihill Capital and Resolution Ventures to boost its user base and expand products and markets.
Genting Ventures, 1982 Ventures and other unnamed investors joined the round, according to a press release. This round came less than a year after the company raised a pre-seed round led by 1982 Ventures in January.
The startup taps into Indonesia’s $130-billion agriculture market marred with a disrupted, inefficient supply chain. According to the company’s projection, PasarMIKRO will hit over $300 million annualised gross transaction value and 10,000 users by end-2023.
“PasarMIKRO gives farmers and traders a real-time trading platform that provides reliability, transparency and frictionless transactions. Connecting the agriculture value chain has a direct, immediate and positive impact on the income of Indonesian farmers and traders,” Dien Wong, PasarMIKRO co-founder and CEO, said.
PasarMIKRO’s mobile-based commodity trading caters to farmers, suppliers, and traders. It allows farmers to receive on-time cashless payments. Founded in 2020 by Dien Wong and Edo Djayaputra, PasarMIKRO recently roped in former ABN AMRO Bank commodity banking executive Hugo Verwayen.