Indonesian agritech startup eFishery on Wednesday announced that it raised an undisclosed amount of funds in its Series B round which was co-led by Go-Ventures and Northstar Group. Existing investors such as Dutch sustainable aquaculture investment fund Aqua-Spark and Wavemaker Partners also participated in this round.
“This new funding will allow us to grow the company, roll out across Indonesia, and achieve our vision of being a leading aquaculture intelligence company,” said co-founder and CEO Gibran Huzaifah. “We are aiming for a tenfold increase in our business.”
Founded in 2013, the Bandung-based eFishery is providing a device that enables automated feeding, giving commercial fish farmers the ability to monitor their stock and schedule feeding with an app. It is targeting more than 3.3 million farms across Indonesia.
In its statement, the company further said that it will build stronger data capabilities and algorithms for its automatic feeder called eFisheryFeeder. It plans to upgrade the smart device to be more compatible with different types of ponds, including those with floating net cages. The startup is also piloting new sensors, including one for shrimps, to be launched later this year.
A recently launched service is eFisheryPoint where farmers can get eFishery products, sell their fish, or attend training. So far, there are 30 hubs across Indonesia, a number that is expected to grow to 100.
Prior to this investment, eFishery raised a pre-Series A round in 2015, and a USD 4 million Series A at the end of 2018.
(The article has been updated in the headline and first paragraph to correctly indicate Go-Ventures as investor in the funding round. Go-Ventures is an independent VC with Gojek as cornerstone investor.)