Fishery Startup eFishery Bags IDR 1.3 T from India Investors and Gojek
The fishery startup eFishery received series C funding of US$ 90 million or around IDR 1.3 trillion. The investment was led by three investors; SoftBank Vision Fund 2 Temasek, and Sequoia Capital India.
Other participating investors are Go-Ventures, Northstar Group, Aqua-Spark, and Wavemaker Partners. Northstar Group is one of Gojek’s investors. Meanwhile, Go-Ventures is a venture capital company created by Gojek.
The co-founder and CEO of eFishery, Gibran Huzaifah, said that “the fresh funds would be used to develop the business, expand regionally, and achieve targets,” he said in a press statement, Tuesday (11/1).
The intended target is to become a leading aquaculture technology company. The companyalso plans to expand regionally by targeting the top 10 countries in aquaculture production, such as India and China.
In addition, the additional capital will be used to increase the capacity and quality of platforms, services, and strengthen digital products. This is expected to make eFishery the largest digital ‘cooperative’ for fish and shrimp farmers.
Cooperation with Danamas
To support economic growth as well as SMEs (Small and Medium Enterprises) PT Pasar Dana Loans (Danamas) cooperates with a technology company engaged in aquaculture, namely eFishery.
This collaboration is evidenced by the signing of a letter of agreement by both parties by Joyce Andries as CEO of Danamas and Gibran Huzaifah as Co-founder and CEO of eFishery.
Danamas is interested in collaborating with eFishery because this is in accordance with the company’s vision and mission, namely advancing MSMEs.
“eFishery itself has direct contact with the MSME ecosystem, namely fish cultivators by providing fishery production facilities, training, introduction of technology and providing access to financial institutions,” said Joyce Andries as CEO of Danamas, Friday (17/12).
Joyca added, Danamas as a peer to peer lending platform will bridge lenders (investors) so that they can provide business capital loans to cultivators registered in the eFisheryecosystem.
As for this collaboration, Danamas will support the Kabayan feature which is the main component of the eFishery service. The flow of this collaboration starts with eFishery partner cultivators who apply for a loan for cultivation purposes, then eFishery will make a selection based on the credit scoring results and submit a financing application to Danamas.
The Kabayan feature (Love, Pay, Later) is the main component of the eFisheryFund service. eFisheryFund connects cultivators directly to financial institutions including various fintech companies.
“Kabayan can be used by cultivators to purchase various aquaculture needs such as fish feed with a tenor system. To date, more than 5,000 cultivators have had access to financing and have felt the impact of this program,” said Gibran Huzaifah as CEO and Founder of eFishery. .
With this collaboration, Danamas and eFishery in the future will continue to be committed to providing support for thousands of farmers in increasing their business. As well as increasing financial literacy and inclusion in Indonesia.
Aim for 200,000 Fish and Shrimp Cultivators Take Advantage of Technology
eFishery, an aquaculture startup company, targets that 200,000 fish farmers can use technology to develop their fishermen’s products by entering the eFishery ecosystem by 2022.
By the end of 2021, it’s estimated that the number of cultivators who have joined eFisheryecosystem will reach 27,000 people. It’s an increase of 1,074% compared to the number of farmers who use eFishery services in 2020.
“The technology opens collaboration. Because the innovations produced by technology open access to all business actors and create value together,” said Gibran at the Indonesia Aquaculture Outlook 2022 event held by eFishery in Jakarta, Thursday (16/12/2021).
“If this year we can embrace 27,000 cultivators, next year we aim for 200,000 cultivators spread over 250 regencies and cities to join our ecosystem,” he continued.
With the increasing number of fish and shrimp cultivators using eFishery technology, Gibran assesses, the economic cycle in the aquaculture sector and its supporting industries is increasing.