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Indonesia-based agritech startup eFishery is said to be “in advanced talks” for a funding round that would boost its valuation to $1.2 billion, Bloomberg reported on Wednesday.
The Temasek and Softbank-backed start-up is set to raise about $100 million in fresh funding, the newswire reported, quoting people familiar with the matter.
The 42XFund, whose backers include Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s artificial intelligence firm G42, is in talks to lead the round, the people reportedly said. Negotiations are ongoing and the size of the round could still change, they added. Other investors could also emerge, they said.
eFishery’s Co-Founder and Chief Executive Officer Gibran Huzaifah has yet to respond to TechNode Global‘s query at press time. Bloomberg reported that a 42XFund official confirmed the fund’s plans to invest in the company, calling it “an exciting investment opportunity”, but declined to comment on the precise amount.
If the deal goes through, the start-up is set to join Indonesia’s growing list of tech unicorns (companies valued at more than $1 billion).
eFishery’s $90 million Series C round in January last year valued it at over $400 million. The round of investment was co-led by Temasek, SoftBank Vision Fund 2, and Sequoia Capital India, with participation from existing investors including the Northstar Group, Go-Ventures, Aqua-Spark, and Wavemaker Partners, the company said then.
Launched in 2013 by Gibran, who himself is a fish farmer, eFishery has deployed thousands of feeders to serve more than 30,000 fish and shrimp farmers in Indonesia, according to the company’s statement last year. eFishery also provides farmers with access to financing.
eFishery said it is building an ecosystem where fish and shrimp farmers could easily upscale their productivity while at the same time creating a more sustainable, safe, and fair environment for them. In this way, the company can provide the highest quality nutritionally packed fish and shrimp products that are obtained directly from the farmers, according to its website.
Indonesian agritech start-up eFishery raises $90M Series C to expand throughout Asia