Eden Farm raised USD 19 million in a Series A round led by AppWorks and AC Ventures, the company said on Monday. Other participating investors in the round include Trihill Capital, OCBC Ventures, Investible, Corin Capital, as well as an existing backer, Global Founders Capital.
The startup was founded in 2017 by CEO David Setyadi Gunawan, CFO Ramavito Mountaino, and COO Febrianto Gamal. Eden Farm is an Indonesia-based B2B e-commerce platform for fresh produce. It connects local farmers with buyers like hotels, restaurants, cafes, wet markets, and other major businesses. Eden Farm simplifies the food supply chain by replacing the middleman to provide better margins and pricing for both farmers and buyers. Eden Farm also provides demand forecasts for farmers so they can improve production to meet customers’ needs.
Eden Farm currently works with more than 2,000 farmers in Java and has five fulfillment centers. The startup serves more than 53,000 customers, according to a press statement. Eden Farm claimed that the income of farmers in its ecosystem has more than tripled after joining the platform, and said it is able to reduce costs for customers by 30%.
“By the end of 2022, we plan to expand to 25 cities and eight regencies, supplying more than 100,000 customers with a 100% fulfillment rate of more than 1,000 stock-keeping units,” said co-founder and CEO David Setyadi Gunawan in a statement. The startup plans to use the fresh investment to strengthen its supply chain infrastructure and tech capabilities, as well as fund its market expansion and recruit more team members, Gunawan added.