Indonesia fisheries start-up FishLog announced Wednesday that it has successfully closed its pre-Series A round, with participation from BRI Ventures, Accel, Insignia Ventures Partners, Patamar Capital, Indogen Capital, and Triputra Agri Group.
FishLog said in a statement the funds raised will go towards strengthening Indonesia’s domestic fisheries cold chain networks through FishLog’s ecosystem of services including access to financing and ecosystem partners, anchoring FishLog’s role in the global supply chain as an ecosystem enabler for Indonesia’s fisheries cold chain industry, and developing labor sustainability in the industry through the growth of their own team and FishLog Academy.
“While there is massive global business potential for the Indonesian fisheries sector, it has long been plagued by inefficiencies and fragmentation. It is our mission at FishLog to unlock the selling potential and maximize the
storage utility of Indonesia’s fragmented fishing industry, building the best and most affordable way to ensure product and labor sustainability in the industry,” said Bayu Anggara, the Chief Executive Officere and Co-Founders of FishLog.
He said that through this funding, the firm will continue to build the cold chain ecosystem enabler and operating system for the fisheries in Indonesia.
“Our vision is for all stakeholders in the sector to be able to participate productively in this industry, transacting safely, trusted by and seamlessly integrated with each other,” he added.
Since 2020, FishLog has been driving the improvement of cold storage, processor, and distribution in Indonesia’s fisheries to enable the industry to better meet global supply and demand.
The firm activates fisheries coastal areas by establishing FishLog Quality Centers, an offline-online hybrid platform that works with local cold storage partners to provide local stakeholders including fishermen, aggregators and traders, greater access to buyers by listing their inventory in the FishLog marketplace and digitizing their operation.
It also enables fisheries businesses to maximize upstream-to-downstream operations through its four products: (i) inventory handling, (ii) financing, (iii) B2B Marketplace, and (iv) Cold Storage Digitization.
According to the statement, this Pre-Series A funding will allow FishLog to improve this ecosystem of services further, providing existing players greater access to tools, operating models, and liquidity, as well as enhance the ability of the industry to process products and stock keeping units (SKUs).
“Although we have started some pilot trials in the region, our focus for the remaining 2022 will be to secure our position in Indonesia through scaling up our products and creating more strategic collaborations,” said Bayu Anggara.
“Having worked in Indonesia’s fisheries industry for several years, we have not only seen the potential of Indonesia’s domestic fisheries market but also its value on the global stage, and through FishLog we aim to unlock these global opportunities for Indonesia as well,” he said.
“Through Fishlog, we are building the go-to marketplace enabler for all fisheries stakeholders in Indonesia, streamlining their supply chain process to be more efficient and transparent in a more sustainable way,
“We have built a strong and replicable model throughout Indonesia, we are now initiated to develop on the global supply chain,” he added.
In achieving its vision for a stronger fishing industry in Indonesia, FishLog recognizes the fact that expanding the industry’s talent pool is the foundation of this endeavor.
To that end, the firm has stepped up its team recruiting and expansion. Currently, the company has more than 200 employees.
“FishLog’s focus on digitizing the fishery supply chain and being a solution to cold storage problems as well as maintaining upstream to downstream logistics distribution from fishery sectors, has already made waves in the way the fisheries are being done in the country,” said Markus Rahardja, Chief Investment Officer of BRI Ventures.
“This aligns with the work of Indonesia’s Logistic Agency in maintaining price stability, stock, quality of
fishery products, and equitable distribution, as well as implementing a standardized National and International Stock Keeping Unit (SKU) naming system,
“We are excited to partner with FishLog with the innovative role they are playing in Indonesia’s fisheries industry and support them to continue to focus on the Integrated Supply Chain in the Seafood Industry and expand the digitization of FishLog ecosystem globally,” he added.