Indonesian fisheries startup FishLog announced Tuesday that it has successfully closed its Pre-Series A extension round funding.

The round saw participation from Mandiri Capital Indonesia, BNI ventures, Accel Partners, Insignia Ventures Partners, and Saison Capital. With investments from Mandiri Capital and BNI Ventures, FishLog said in a statement.

According to the statement, the funds raised will go towards empowering and elevating fisheries businesses and stakeholders to strengthen FishLog cold chain ecosystem.

A particular focus will be the United States (US) distribution of FishLog’s traceable fisheries products, supported by FishLog’s proprietary innovations: FishLog Trace and FishLog Smart Contract, powered by blockchain technology.

It is noted that FishLog Trace guarantees seafood comes from responsible sources, leveraging a traceable sourcing system and providing quality insurance coverage.

Meanwhile, FishLog Smart Contract handles financing, enhancing transparency, and fostering global trust.

Since 2023, FishLog has been operating in the United States, distributing over 60,000 kg of seafood products.

The firm connects over 60 domestic and international buyers and helps them expand their businesses.

“The United States is one of the largest markets in the world. Based on data from the U.S. Department of Agriculture, U.S. seafood imports exceed exports by $20.3 billion in 2023,

“The latest data indicates that there is such a significant potential open for FishLog to strengthen its ecosystem in the United States,” said Bayu Mukti Anggara, Co-Founder, and Chief Executive Officer of FishLog.

According to him, this can accelerate the profitability of the firm’s product distribution such as blue swimming crab, tuna, shrimp, and many more as Indonesia imports products to FishLog’s business to business (B2B) international buyers.

Meanwhile, Prashanth Prakash from Accel Partners, said that Indonesia’s ascent as a global economic powerhouse is undeniable, especially in its lucrative fisheries industry, which presents a $30 billion opportunity.

“With a thriving export market and robust domestic consumption, the nation’s economic landscape is ripe with potential and we’re excited to partner with FishLog in making them an essential part of Indonesia’s growth story,” he added.

According to the statement, the opportunity that FishLog has unlocked in the United States ties back to its mission of improving supply chain efficiency and financing access for stakeholders in the fisheries industry.

“With the growth of our business in the United States, we are working towards a more globally competitive fisheries industry here in Indonesia,

“This means having the right infrastructure and partnerships in place for fisheries stakeholders to unlock global growth,” said Abdul Halim, Co-Founder and Chief Operating Officer of FishLog.

According to him, FishLog has built technology solutions to connect cold storage facilities across the country with the aim of increasing the transparency, stability, and maturity of the fisheries supply chain.

“We aspire to be partners for fisheries entrepreneurs in gaining access to various stakeholders such as financial institutions, buyers locally and abroad, and others,” he added.

Ronald Simorangkir, Chief Executive Officer of Mandiri Capital Indonesia, said that FishLog has been a standout candidate since their Indonesia Impact Fund, representing the type of impactful startup that resonates with their mission to support Sustainable Development Goals (SDGs) in Indonesia.

With its remarkable capacity to empower fishermen and uplift their livelihoods, he said FishLog is able to seamlessly integrate into the Mandiri Group ecosystem.

“Additionally, their status as a finalist in the Zenith Accelerator emphasizes their potential and innovation in the industry,

“We are thrilled to support FishLog on this impactful journey, acknowledging its significant contributions and the potential synergy within our ecosystem,” he added.

It is noted that FishLog also collaborates with the BNI Xpora program to support Indonesian seafood small and medium-sized enterprises (SMEs) in expanding exports.

FishLog has channeled around $950,000 to empower export fisheries business partners.

“BNI Ventures invests in FishLog to increase inclusive finance for fishermen,

“Through investment and synergy activities, BNI Ventures aims to increase transactional activities by integrating BNI transactional services, products, and networks into the FishLog ecosystem,” said Eddi Danusaputro, Chief Executive Officer of BNI Ventures.

“Strengthening the global competitiveness of SMEs can be achieved through partnerships with large companies to foster economic independence,

“With the FishLog collaboration, fisheries SMEs experience accelerated financial inclusion and literacy, leading to improved welfare,” he added.

FishLog has also welcomed Dimas Wikan Pramudhito to its team as Chief Financial Officer.

Meanwhile, sustainability is also a key focus for FishLog. It is noted that the has made significant strides, achieving a 40 percent increase in cold storage productivity through sustainable supply and technology, managing over 4,000 tons of seafood inventory per month.

Furthermore, the firm has positively impacted over 100 suppliers, empowering more than 800 workers, with 38 percent being women.

As part of its sustainability initiative, FishLog has recently closed a grant of $100,000 with the United Nations Development Program (UNDP) and the Ministry of Finance of the Republic of Indonesia.

“This will help enhance the financial literacy of fisheries families, provide character education for fishermen’s children, support mangrove planting for global carbon tracking in the fisheries industry, and more,

“These initiatives pave the way for shaping a brighter future for fisheries families and the planet,” said Reza Fahlepi, Co-Founder of FishLog.

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