1. Startups

Elevarm Gets Initial Funding of IDR 41,7 Billion from Insignia, 500 Global, and Gibran Huzaifah

Elevarm develops platforms that integrate various horticultural services and products

Elevarm, a platform that integrates various horticultural services and products, recently announced success in obtaining initial funding of $2,6 million or equivalent to IDR 41,7 billion. This funding is expected to increase the production of seeds and organic fertilizer to support small farmers in Indonesia.

This round has actually started rolling out from 2022. The funding, led by Insignia Ventures Partners from Singapore, also involved participation from 500 Global and Gibran Huzaifah, startup leader eFisheries.

"We are committed to overcoming the challenges faced by small farmers by providing better access to high-quality seeds and fertilizer," said Elevarm Co-founder & CEO Bayu Syerli Rachmat.

In addition, Elevarm will also focus on developing NextBio, a research and development division that aims to create innovative organic agricultural products. This funding will also be used to increase production capacity by building new factory facilities equipped with advanced manufacturing technology.

"We realize the importance of affordable and technology-based horticultural solutions to overcome various local challenges at every stage of the farming journey," added Bayu.

With more than 13,000 agricultural partners and 5,000 active farmers as customers, Elevarm has recorded significant revenue growth, increasing sevenfold from the previous year. The company hopes to continue to have a positive impact not only in Indonesia but also throughout the region by expanding the reach of organic products and sustainable agricultural solutions.

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Through this initiative, Elevarm shows its commitment to supporting sustainable growth and improving the quality of life for small farmers in Indonesia, in line with their vision to advance the agricultural industry through innovation and technology.

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Disclosure: This article was produced with AI technology and supervision of the content writer
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