PasarMIKRO Receives 39 Billion Rupiah Funding, Led by Trihill Capital and Resolution Ventures

Startups agritech PasarMIKRO announced the acquisition of funding of $2,5 million or equivalent to 39,3 billion Rupiah led by Trihill Capital and Resolution Ventures. Genting Ventures, 1982 Ventures, and others participated in this round.

The fresh funds will be used to drive an increased user base, expand product offerings and enter new markets. This funding came 9 months after Market MICRO pre-start round led by 1982 Ventures earlier this year.

VP of Investment Trihill Capital Valerianus Ian Sulaiman said, "PasarMIKRO has built a solution for trading agricultural commodities in Indonesia, this market is ripe for digital transformation.

“PasarMIKRO is the only agricultural technology with a laser focus on traders that enhances the value chain. Agricultural ecosystems need to modernize operations and are very important for the Indonesian economy," he said in an official statement, Friday (4/10).

Resolution Ventures Managing Partner Sam Gibb added that the startup not only helps farmers get paid faster, but also gives them digital presence, with one of the objectives of linking them to financial products and services (including capital).

“The multiplier effect of the work they are doing to digitize this physical commerce will eventually flow through other parts of the economy as well,” Gibb said.

A number of startups agritech is getting the attention of investors. For business models that are trying to revolutionize the supply chain system, including Japan which received pre-series A funding in early October 2022, Koltiva and Gokomodo book further funding in September 2022, Agriaku announces series A funding of 510 billion Rupiah, and a number of other players.

MICRO Market

PasarMICRO connects farmers, traders, and help with their daily activities, such as bookkeeping, working capital applications, and buying and selling transactions. They pursue Indonesia's agriculture, forestry and fisheries sectors, whose market potential is worth $130 billion (more than 13% of GDP according to the World Bank) by empowering smallholders, traders and all parties involved.

The PasarMIKRO technology platform is a mobile-based commodity trading and trade finance application for agribusiness players. The platform enables timely cashless payments for farmers, helping them struggle through their production activities

Initially, PasarMIKRO was launched with a pilot project in Blitar focusing on eggs, then quickly expanded to all major provinces with more than 10 commodities on their platform. MICRO Market is projected to reach more than $300 million annual gross transaction value and 10.000 users by the end of 2023.

PasarMIKRO Co-founder & CEO Dien Wong stated, “This latest financing round allows us to increase impact at a faster rate.

In order to support the company's mission, earlier this year, the company appointed former ABN AMRO Bank commodity banking executive Hugo Verwayen to join.

Verwayen said, “PasarMICRO breaks a major bottleneck in the agricultural value chain by enabling existing traders, aggregators and farmers with digitization and access to working capital. We have been able to scale into new commodity segments and provinces while keeping costs low and managing our burning.”