Eden Farm Announces Pre-Series A Funding Led by Investible

Startups argitech Eden Farm has announced that it has closed its pre-series A funding for an undisclosed amount. This round was led by Investible with the support of AC Ventures, Corin Capital and a number of angel investors.

Founded in 2017, Y Combinator dropout startup (S19) has a mission to maximize farmers' income through streamlining the food supply chain and distributing quality and affordable agricultural products to culinary entrepreneurs in Indonesia.

"This funding will be used to expand Eden Farm's operations throughout Java and Sumatra, increase the choice of SKUs, expand strategic land cultivated through farmer funding programs, and continue technology development to automate most business processes [...] We are in a position to strong enough to carry out the entire 2021 development plan and one step closer to our main goal," said Eden Farm Co-Founder & CEO David Setyadi Gunawan.

Previously in 2019 they had secured initial funding of $1,7 million from a number of investors including Y Combinator, Everhaus, Global Founders Capital, Soma Capital, S7 Venture, andangel investors.

In his interview with DailySocial towards the end of 2020 David said, along with the momentum of demand growth during the pandemic, they were strengthen two important foundations. Namely on the supply and demand side, this is realized by building Eden Farm Sourcing Center (ESC) and Eden Farm Distribution Network (EDN).

ESC is a program of direct collaboration with farmers to determine cropping patterns, certainty of selling prices, and certainty of the amount of agricultural produce taken every day. Meanwhile, EDN is a distribution network created by empowering the community. EDN is spread in various locations and is within a 5 km radius of the customer so that delivery is faster and more efficient.

From the latest statistics submitted, currently Eden Farm has served more than 25 thousand traders consisting of culinary SMEs, hotels, restaurants, cafes, traditional markets, reseller, and startups in 12 cities and 3 districts on the island of Java.

On the supply side, they are supported by more than 1500 individual and group farmers from the islands of Java and Sumatra. This number is expected to continue to grow exponentially in 2021. Supported by a data-based operating system, Eden Farm believes it can create a very efficient supply chain of raw materials from farmers to the kitchens of culinary entrepreneurs and generate positive margins and continue to grow.

In his remarks, Managing Partner AC Ventures Adrian Li said, "Eden Farm has succeeded in creating a business that is difficult to imitate because it has a strong network of farmers, a consumer network with stable demand and an efficient food supply chain. food at an affordable price and good quality."

The potential of agriculture in Indonesia continues to be discussed by players in the digital ecosystem. According to the data submitted, there are currently more than 30 million farmers across the archipelago. The agricultural sector accounts for 14% of Indonesia's GDP or the equivalent of $140 billion with 8% annual growth. The condition of the agricultural sector is highly fragmented, creating an inefficient food supply chain and resulting in reduced and unstable incomes for farmers.