CVC Telkomsel Lead Pre-Series B Funding for Startup Agritech “EdenFarm”

Startups agritech EdenFarm announces Pre-Series B funding of $13,5 million (over 202,9 billion Rupiah). This round is presided over by Telkomsel Innovation Partners (TMI), CVC Telkomsel, supported by other investors, such as AppWorks, AC Ventures, Decart Ventures, Fubon Capital, Trihill Capital, OCBC NISP Ventura, Nakhla, and Capria Ventures.

When totaled, investment amount EdenFarm has achieved $34,5 million since it was first established in 2017. It is planned that the fresh funds will be used by the company to strengthen penetration in attracting more farmer partners in Indonesia. As well as, improving customer experience in presenting technology-based solutions that can overcome efficiency problems in distribution in order to achieve food security in Indonesia.

TMI CEO Mia Melinda said that her party believes in the importance of using it “tech for good” with the aim and dedication to support the empowerment of entrepreneurs and SMEs that can have a positive impact on the Indonesian economy. According to him, the B2B network food supply chains owned by EdenFarm which is strong from upstream to downstream has succeeded in encouraging the empowerment of local farmers to obtain better incomes, as well as having a positive impact on the countryside.

"Therefore, we are very excited to support the EdenFarm food ecosystem through funding and long-term collaboration with Telkomsel Digital Food Ecosystem (DFE) which is one of the initiatives Telkomsel to support the digitization of the agricultural sector, as well as other strategic collaborations to strengthen the EdenFarm platform to reach all regions of Indonesia [..]," he said in an official statement, yesterday (30/1).

AC Ventures Founder and Managing Partner Adrian Li added, EdenFarm operates with almost 0% waste from the distribution process, providing a strong and meaningful impact for Indonesian farmers, in line with ACV's ESG-focused investment philosophy.

“EdenFarm is able to revolutionize the B2B food distribution chain by addressing some of the most pressing challenges, both faced by producers and sellers. We at AC Ventures are confident in EdenFarm's business and excited to participate in its latest round of funding [..]," said Adrian.

Target EdenFarm

EdenFarm Founder and CEO David Setyadi Gunawan also conveyed the partnership with Telkomsel is expected to strengthen the capability of agricultural technology at EdenFarm as an appropriate solution for local farmers. The solution is said to have served every aspect of the agricultural industry, from farming to distribution, to help farmers create profitable and sustainable businesses.

“This latest funding will enable us to grow our presence while strengthening EdenFarm's position as the largest technology player in the agriculture and foodservice sectors. We believe in partnership with Telkomsel This will provide significant benefits for our platform," said David.

EdenFarm is an agricultural startup that focuses on building food distribution ecosystem (food supply chain ecosystem) nationally to be more profitable for farmers and all stakeholders in the agricultural sector in a sustainable manner.

It is claimed, EdenFarm has grown nearly 60 times in the last 40 months. This achievement strengthens the company's foundation to be on the path of profitability, amidst similar players in the industry that are actually experiencing losses. “We aim to increase profits in the next 12 months, along with growth of 3,5-4 times YoY. From there, we will focus on expanding into new markets," concluded David.