EdenFarm, a food service-focused startup based in Indonesia, has secured $13.5 million in its latest Pre-Series B bridge round led by Telkomsel venture arm Telkomsel Mitra Inovasi (TMI), AppWorks, and AC Ventures.
The round was also supported by Decart Ventures, Fubon Capital, Trihill Capital, OCBC NISP Ventura, Nakhla and Capria Ventures, EdenFarm said in a statement.
According to the statement, the funds raised will deepen EdenFarm’s penetration across key farming partners in Indonesia, improving customer experience with tech-based solutions for the country’s most pressing food security and efficiency problems.
EdenFarm aims to build a food supply chain ecosystem in Indonesia that is profitable and sustainable for the farmers and all stakeholders.
The firm has raised $34.5 million up to the fourth significant funding round for the firm since its establishment in 2017.
“EdenFarm is thrilled to team up with Telkomsel to add precision farming technologies and insights to our local farmers. Our range of products caters to all aspects of the agriculture industry, from farms to distribution, to help farmers create sustainable and profitable businesses,” said EdenFarm Founder and Chief Executive Officer David Setyadi Gunawan.
According to him, the recent funding will allow the firm to grow its presence in Indonesia and solidify its position as a leading player in the agriculture and food service sectors.
He also believes that this partnership with Telkomsel will significantly benefit the firm’s platform.
“EdenFarm has seen almost 60 times growth in the last 40 months and has laid the foundation to remain
profitable on its path, leading amongst other players who are suffering big losses,
“It signifies the victorious status of EdenFarm as a market leader in agri-tech. We aim to widen the profit in the next 12 months, along with 3.5-4X growth on a YoY basis. From there, we will pursue new markets,” he added.
Meanwhile, TMI Chief Executive Officer Mia Melinda said the firm believes in the important use of “tech for good”.
She also noted that helping entrepreneurs and small businesses with high dedication and passion for making a positive impact for Indonesia’s economy has always been the firm’s focus.
“EdenFarm’s strong business to business (B2B) food supply chain network from upstream to downstream empowers local farmers to gain better income and create a positive impact in rural areas,
“Hence, we are excited to back the EdenFarm food ecosystem with funding and collaboration with Telkomsel Digital Food Ecosystem (DFE), which is one of Telkomsel’s initiatives to support the digitization in the agricultural sector, and other synergies to propel EdenFarm’s platform throughout Indonesia to secure long-term food needs,” she added.
AC Ventures Founder and Managing Partner Adrian Li said that strongly aligned with the firm’s Environmental, social, and governance (ESG)-focused investment philosophy, EdenFarm is operating at nearly 0 percent food waste and delivering a robust and meaningful impact to the livelihoods of Indonesia’s farmers.
“The startup is revolutionizing the country’s B2B food supply chain by addressing some of the most pressing challenges both producers and sellers face. We at AC Ventures are confident in EdenFarm’s business and are excited to participate in its latest funding round,
“We are proud to serve as a catalyst to drive forward EdenFarm’s mission of building a more efficient and sustainable food ecosystem in Indonesia. The impact EdenFarm is making is truly transformative, and we can’t wait to see more positive changes this team brings about in the industry,” he added.
EdenFarm, a food-service-focused startup pioneer with a focus on B2B customers, started the business in 2017 with a vision to simplify Indonesia’s B2B food supply chain and empower the food ecosystem to
improve the welfare of farmers, food and culinary business actors through accurate demand consistency, various training, and technological support.
The firm serves more than 50,000 customers in the B2B segment, ranging from the secondary market, culinary small and medium-sized enterprises (SMEs), and hotels, restaurants, and catering (HORECA) to startup partners.