Other investors backing the round are Intudo Ventures, Golden Gate Ventures, and The DFS Lab, a fintech accelerator funded by the Bill and Melinda Gates Foundation, the company said in a statement.
The new round follows a pre-Series A investment in TaniGroup by Alpha JWC Ventures and several angel investors in early 2018.
Founded in 2016, TaniGroup operates an agriculture marketplace, TaniHub, and a peer-to-peer lender, TaniFund.
Through TaniHub, customers can source fresh produce directly from farmers. Largely focused on business-to-business (B2B) transactions, it recently expanded to the B2C market with a farm-to-table mobile application. It claims to connect farmers with more than 400 small and medium enterprises (SMEs) as well as over 10,000 individual customers.
TaniFund, meanwhile, provides loans for cultivation projects to farmers who may otherwise lack access to formal financial institutions.
TaniGroup said the fresh funding will accelerate its business expansion and new product development. The company said it work in partnership with the central government, regional administrations, international and local organizations as well as other agritech startups to build a deeper platform.
“In the near future, we want to invite other agriculture startups to collaborate because Indonesia’s agriculture space is still large and very traditional. There are big problems to address, a lot of farmers still in need of help, and the chance to build a stronger supply chain to deliver great produce to Indonesians at best cost,” said TaniGroup co-founder and CEO Ivan Arie Sustiawan.
The latest financing marks the largest round raised by an Indonesian agritech company so far. It also underscores heightened startup and investor interest in the country’s agricultural sector, which is the second largest contributor to Indonesia’s GDP.
In March, East Ventures-backed agritech startup Limakilo was acquired by micro retail tech startup Warung Pintar. On Monday, Kedai Sayur, a startup that aims to empowers vegetable hawkers by utilizing technology, announced raising a $1.3-million seed round from East Ventures and other undisclosed investors.
DEALSTREETASIA also recently reported that Indonesian e-commerce giant Tokopedia is looking to expand into the agritech sector and is in talks to acquire local startup Sayurbox.
Other significant players in the space include STRIVE-backed Crowde and 500 Startups-backed iGrow.