Indonesian agritech startup TaniGroup bags $10m Series A led by Openspace

Indonesian startup TaniGroup has closed a $10-million Series A round of financing led by Openspace Ventures in the latest deal in the country’s agritech sector.

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.

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.