Indonesia’s aquaculture company eFishery has successfully raised $200 million in its Series D funding round, propelling the company’s target to expand Indonesia’s aquaculture farming community and increase fish feed and fresh fish transaction on its platform.

The round was led by Abu Dhabi-based global fund manager 42XFund and backed by Malaysia’s largest public sector pension fund, Kumpulan Wang Persaraan (Diperbadankan)
(KWAP), Switzerland-based asset manager responsAbility, early investor multi-stage venture capital firm 500 Global and other new investors, along with existing investors such as Northstar, Temasek, and SoftBank, eFishery said in a statement on last Friday.

It said the investment demonstrated investor confidence in the eFishery’s integrated aquaculture ecosystem.

“Currently, aquaculture is the fastest-growing sector in the global fisheries industry,

“The strategic support we receive from our investors will help us revolutionize the entire industry, especially by integrating Indonesian smallholder fish farmers into the eFishery ecosystem that spans the entire value chain,” said eFishery Co-Founder and Chief Executive Officer Gibran Huzaifah.

He further laid out the plan, saying that the firm would use the funds to expand the eFishery farming community, targeting to engage over 1 million aquaculture ponds in Indonesia by 2025 and increasing the transactions of fish feed and fresh fish on the platform.

According to the statement, one of the reasons for expanding the farming community is to support eFishery’s goal of exporting fully traceable, chemical-free and antibiotic-free shrimp to international markets, while also strengthening the connection between end consumers and farmers.

“We strongly believe in eFishery’s vision and look forward to being a key value-added partner that contributes to the company’s growth,” said 42XFund Principal Iman Adiwibowo.

According to him, the technology and comprehensive aquaculture solutions provided by eFishery have made a significant impact on the aquatech industry and have benefited small farmers in Indonesia.

“We are confident that eFishery will continue to promote a sustainable and inclusive economy, as well as contribute to environmental preservation goals not only in Indonesia but also beyond,” he added.

500 Global Managing Partner Khailee Ng said he believes eFishery has truly proven to be unique in terms of business model innovation, proving the trifecta of scale, growth at scale and profitability over a multi-year period, even before becoming a company valued at over a billion dollars.

“This is the kind of business Silicon Valley can strive to create,” he added.

Rik Vyverman, Global Head of Sustainable Food Equity at responsAbility Investments AG (rA), a Zurich-based impact investor, said the innovative business model of eFishery in shortening the supply chain will continue to disrupt the traditional aquaculture market in Indonesia and beyond.

“As the company grows, wider and deeper Sustainable Development Goals (SDGs) will be achieved,” he said.

The confidence in the company was echoed by Chris Teoh, Southeast Asia Investment Director at rA.

“Given the competent leadership at eFishery, the closeness of the company with the farming community and all stakeholders, we are confident that the company will continue to modernize the industry from farm to fork,

“We look forward to supporting the company as it scales to new heights,” he said.

Established in Bandung, West Java, in 2013, eFishery is Indonesia largest digital cooperative for fish and shrimp farmers.

The firm disrupted Indonesian aquaculture industry by offering internet of things-based digital auto feeder that was designed to enhance accountability, efficiency, and convenience in the fish-farming business.

Its data-driven technology utilizes sensors to measure water movement for fish and acoustics for shrimp, optimizing feeding, fish health, and water quality while minimizing waste.

Featuring a marketplace for selling fish and shrimp feed, a platform that sells fresh fish and shrimp products to business to business (B2B) customers, and financial access for fish farmers, this integrated ecosystem has been instrumental in supporting over 70,000 fish and shrimp farmers in 280 cities across Indonesia.

A recent research conducted by the Demographic Institute of the University of Indonesia (LDUI) revealed that eFishery have contributed Rp 3.4 trillion, equivalent to 1.55 percent of Indonesia’s aquaculture sector’s gross domestic product (GDP) in 2022.

Indonesia’s eFishery earns unicorn tag after raising Series D round – report