Bandung, Indonesia-based start-up eFishery has received a short-term loan worth IDR 500 billion (USD 32.7 million, EUR 33.6 million) from DBS Bank Indonesia to fund its expansion plans.
eFishery Co-Founder and CEO Gibran Huzaifah said the funding will help the company achieve its strategic plan and expand further into international markets.
“In line with our vision to revolutionize the aquaculture sector and improve the welfare of fish and shrimp farmers in Indonesia, this financing will help accelerate the process. With this support, we will expand our products and services internationally and have an even greater impact on the food sector,” Huzaifah said.
The start-up, which has an ambitious goal of 300 percent annual growth, aims to expand its operations to 10 total markets within the next five years, including India, China and Vietnam, TechinAsia reported.
The aquatech company was launched in 2013 and now offers tens of thousands of fish and shrimp farmers across the country an end-to-end platform, giving them access to aquaculture technology, feed purchasing, financing, and end-markets.
The company’s eFishery Feeder is a “smart” device that offers automatic feeding coinciding with a mobile app where farmers can “can input fish/shrimp type, feed quantity and pellet size, feeding frequency, and feeding schedule.” The device also has an optional sensor that can detect vibrations in the pond. Its eFisheryFeed, is designed to help farmers manage costs. The eFisheryFund is a way for fish farmers to get access to financing, something that can often be difficult for aquaculture operations. And its eFisheryFresh provides an online platform connecting farmers to buyers.
In January 2022, eFishery secured USD 90 million (EUR 92.5 million) in a series C funding round co-led by Temasek, SoftBank, and Sequoia Capital India. So far, the company has received a total of USD 140 million (EUR 143.9 million) in funding, including the latest loan from DBS Bank Indonesia.
Photo courtesy of eFishery
