eFishery Announces Pre-Series A Funding Raise from Aqua-Spark and Ideosource

Internet of Things (IoT) startups eFisheries announced the acquisition of an undisclosed amount of Pre-Series A funding from Aqua-Spark Netherlands and Ideosource. The funds raised will be used to develop the team, build a better software system, and increase distribution to a national scale.

We know eFishery as a startup that often wins various global startup competitions with its sensor-based automatic feeding solution. Specifically, eFishery seeks to help fish and shrimp farmers, because fish feeding usually accounts for between 50 and 80 percent of the operating costs of a fish farm.

eFishery Co-Founder and CEO Gibran Chuzaefah Amsi El Farizy said in a statement, “The problem we are trying to solve is the inefficiency of feeding activities in the fish farming business. I came across this problem when I was a fish farmer too. The workers feed the fish inefficiently, and the farmers do not have any technology to control the feeding process. We created this product to make the fish and shrimp farming business more efficient, convenient and accountable.”

eFishery's business model is to sell smart feeders to farmers and distributors. Furthermore, like consultants, they also earn from subscription fees for using software to monitor and analyze fish feeding activities in real time on a smartphone or tablet every month. They claim that on average the optimization carried out reduces the amount of food used by up to 21 percent.

With an aquaculture market valued at $5.4 billion (approximately IDR 76 trillion) globally, eFishery is currently engaged in business discussions with 17 fish and shrimp farms, including those located outside Indonesia, such as Thailand, Singapore, India, China, Brazil, and a number of other countries. Africa.

This potential attracted the Dutch aquaculture investment company Aqua-Spark to join. Aqua-Spark partner Amy Novogratz said, "We are very excited to solve the global challenge of feeding fish with eFishery,"

"Indonesia has around 3,3 million fish ponds and 2,7 million fish farms. This solution can also have a huge impact on various industries globally that are affected by the same problem. eFishery has the potential to set new standards for the aquaculture business and make the industry grow. more transparent, data-driven, and accountable are all factors that will make all businesses in this sector more attractive in the eyes of investors,” continued Amy.

Aqua-Spark's experience and global network in the field of aquaculture are expected to help eFishery build better products and hopefully penetrate into other countries.

Currently, eFishery products are only available in Java, Bali and Sumatra. With this funding, they hope to reach more distributors, find local partners, and aggressively expand their market share in Indonesia.

eFishery will also develop a business model with a system of renting eFishery products every month or even paying after the harvest season. In addition, they are also leveraging funding to recruit talent in technology and aquaculture to create a better software platform, more features, and accommodate more types of fish.

“eFishery is a perfect example of a company solving real problems in a lucrative market,” said Ideosource VP of Business Development Andrias Ekoyuono.