Agritech Startup Gokomodo Receives 386 Billion Series A Funding Led by East Ventures

Agribusiness supply chain startup Gokomodo today (6/9) announced a series A funding of $26 million (over 386 billion Rupiah) led by East Ventures. Other investors also participated in this funding, namely SMDV, Eight Capital, K3 Ventures, Triputra, Waresix, Indogen Capital, Sahabat Group, and Sampoerna Financial.

It is claimed that this round is one of the series A funding with the largest value in Indonesia. This announcement was made relatively short after it was reported that it was obtained early stage funding in July 2022. Based on information from regulator data, the company pocketed $1 million in funding from East Ventures and Waresix. However, the parties involved did not respond to this news.

Gokomodo Co-founder and CEO Samuel Tirtasaputra said support from East Ventures and other investors will be used to develop Gokomodo. Gokomodo takes a dual approach, combining a strong digital platform with a strategic infrastructure. This is to ensure that the company can support penetration in areas where digital infrastructure is minimal.

“In line with our goal of advancing agribusiness companies and small farmers throughout Indonesia, as well as providing equal access for all stakeholders through technology. By being closer to farmers, we hope to improve the welfare of farmers and help them build more sustainable agricultural practices,” said Samuel.

Co-founder and Managing Partner of East Ventures Willson Cuaca conveyed, Gokomodo is present as an innovative solution that can overcome supply chain problems in the agribusiness sector. In line with the huge potential for agribusiness in Indonesia, his party believes that Gokomodo has great potential to increase productivity and improve productivity output significantly towards a better Indonesian economy. "We look forward to Gokomodo's developments and innovations in the future," he said.

Agribusiness is the second largest contributor to Indonesia's GDP, covering more than 42 million hectares of agricultural land with a total market for procurement inputs of $30 billion. Despite its size and potential, the supply chain system in Indonesia is still fragmented and far from efficient. This creates difficulties for companies and small farmers in accessing agricultural products, such as fertilizers and agricultural equipment.

Gokomodo Products

Gokomodo offers solutions through digital procurement, digital trading, and distribution platforms. All three are here to increase efficiency in the procurement process and make it easier to find vendors, along with increased transparency and ease of control, all digitally based for agribusiness companies and small farmers.

In addition, the line of business E-commerce Gokomodo presents agribusiness products at competitive prices. Shipping is supported by Waresix, thus guaranteeing clear and timely delivery. Not only corporates, small farmers are also facilitated because they can access the agribusiness products needed at more optimal prices and availability on the Gokomodo platform.

This startup was founded in 2019 by Samuel Tirtasaputra (CEO) and William Pramana (CTO). The network is quite extensive, the majority serving the plantation sector. It is claimed that there are more than 3 companies that have joined the ecosystem, including agribusiness companies Sinar Mas, First Resources, and Sampoerna Agro.

“Gokomodo has proven that we can be a trusted partner for agribusiness companies and farmers, by offering the best solutions in providing easy access to quality agricultural commodities. Our goal is to use technology to bridge the gap between companies and smallholders, by leveraging Gokomodo's purchasing power and infrastructure for the common good," said Gokomodo Co-founder and CTO William Pramana.

Going forward, the company will prioritize growth, including increasing the choice of products available on the platform, growing the customer base, enriching the digital platform and aggressively building distribution centers, especially in remote areas. This initiative aims to strengthen Gokomodo's presence both in the digital and online realms offline, to be able to encourage penetration and reach areas that are still underserved, including customers outside Java as the location of the majority of agribusiness companies and farmers.

Last April, Gokomodo inaugurated its first hub by cooperating with the Mesuji Village Unit Cooperative (KUD), South Sumatra as a partner. This hub serves as a business extension that allows KUD and farmer shops to order agricultural products online. The product will then be sent from the warehouse to be picked up by buyers at Gokomodo hubs throughout Indonesia.