A Fishery Startup, eFishery Receives Series B Funding
Fishery startup eFishery announced the acquisition of series B funding. With this additional capital, the company is targeting business growth of 10 times or 900%. The funding was led by Go-Ventures and the Northstar Group. In addition, other investors include Aqua-spark and Wavemaker Partners.
Go-Ventures is a venture capital company owned by Gojek. Meanwhile, Northstar Group also invests in Gojek. Co-founder and CEO of eFishery Gibran Huzaifah said the fresh funds would be used to support product development.
In addition, to strengthen the company’s position in the domestic aquaculture industry and develop a team. The product to be developed is an automatic feeding device (auto feeder) for fish and shrimp.
This device can be monitored and scheduled via a smartphone (smartphone). Gibran plans to develop an auto feeder to make it more compatible with different types of ponds.
In addition, the company will open 100 new eFisheryPoints throughout Indonesia by the end of this year. eFisheryPoint is an integrated physical service center located close to farmers. Currently, there are only about 30 eFisheryPoint locations.
“eFisheryPoint is also our effort to penetrate the domestic market further, and aims to achieve 10-fold growth,” said Gibran as quoted from a press release, Wednesday (12/8). Gibran said that eFishery products support tens of thousands of fish ponds in more than 180 cities. “Currently, there are about 3.3 million fish farms in Indonesia,” he said.
Focus on Strengthening the Company’s Position in Indonesia
The company also has more than 250 employees and will double by the end of this year. eFishery will specifically focus on strengthening the product and engineer team to create new digital products and services, as well as developing sales and customer experience teams to accelerate business growth.
eFishery has started several trials in Bangladesh, Thailand, and Vietnam. However, the company’s main focus this year is to strengthen its position in Indonesia by improving products and creating more strategic collaborations.
“After building a robust and replicable model in Indonesia, we are ready to explore the possibility of regional expansion,” said Gibran. VP of Investments Go-Ventures Aditya Kumar said the eFishery solution directly supports local farmers.
In addition, addressing broader problems, including strengthening food supply chains, reducing global food shortages, and strengthening Indonesia’s fishing industry. “We hope to see these benefits grow exponentially, as eFishery develops domestically today and regionally in the future,” said Aditya.
Northstar Group co-founder Patrick Walujo added, eFishery presents a smart device integrated with cloud-based mobile analysis. This service changes the way local farmers do business in the country.
“We are proud to partner with the eFishery team. We see great things to be done in the future,” said Patrick. eFishery offers an end-to-end platform by providing services for farmers in the form of feed provision, financial access, and market networks.
Covering more than 24 Provinces throughout Indonesia
Founded in 2013 and based in Bandung, eFishery offers an end-to-end platform by providing services for farmers in the form of providing feed as well as financial access and market networks.
This service has reached more than 24 provinces and serves thousands of fish and shrimp cultivators in Indonesia. The company previously obtained pre-Series A funding in 2015 and Series A in 2018. The startup business is claimed to have grown fourfold since 2016 and has been a profitable business for the past two years.
“We are excited to welcome the strategic collaboration with Gojek and the Northstar Group which we believe will be an added value to our platform,” said Gibran.
Gibran Huzaifah, co-founder and CEO of eFishery said the company was founded to increase crop yields, reduce operating costs, and increase the productivity of their cultivation.