Reportedly New Fundraising, eFishery Towards Unicorn Status

Get a form of loan funds debt financing from Bank OCBC NISP early last February, startup aquatech eFisheries, is reported to be raising new funds that have the potential to cement its status as a unicorn startup with a valuation of more than 1 billion dollars -- the first outside the e-commerce, fintech, logistics and retail sectors.

First published by Deal Street Asia, eFishery is said to be in the process of finalizing a $150 million (nearly 2,3 trillion Rupiah) investment led by Khazanah Nasional Berhad, sovereign wealth funds owned by the Government of Malaysia.

According to our data, eFishery has received a total of $115 million in investor funds (more than 1,7 trillion Rupiah), with $90 million of which disbursed during the funding round Series C a year ago.

A number of investors who did not want to be named said that eFishery was on the verge of a unicorn valuation.

DailySocial tried to get confirmation about this, but eFishery refused to answer in detail.

"Currently, we are conducting business as usual while internally observing various aspects that need to be developed. If we have plans or information regarding related matters, we will inform you immediately."

Founded in 2013, eFishery started as a small project to help local farmers manage their fish ponds more efficiently. Currently, the company has developed into a leading provider of aquaculture technology in Indonesia, with more than 900 employees. The company is exploring the potential expansion to India soon.

eFishery's flagship product is an IoT (Internet of Things) device installed in fish ponds to monitor water quality and feed levels in real-time. Devices connected to the mobile app allow farmers to remotely monitor and control their ponds, adjust feed and water parameters, and receive alerts when there are problems or anomalies.

Timeline fundraising

The company's innovative approach to aquaculture and its commitment to sustainability have helped the company build a strong reputation and attract funding from leading local and foreign investors.

In 2013, eFishery raised an initial round of funding from several angel investors. Later in 2016, eFishery raised $2,5 million in a Series A funding round led by Aqua-Spark, a global investment fund focused on sustainable aquaculture. The funds are then used by the company to increase production of IoT devices and expand its operations in Indonesia.

In 2018, eFishery raised $4 million in a Series B round led by Wavemaker Partners and UOB Venture Management. The funds are used to develop new products and services, including mobile applications for farmers and markets for buying and selling fish and shrimp.

Later in 2022, eFishery raised $90 million in rounds Series C pendanaan funding. The fresh funds are used by the company to expand its operations in Indonesia and develop new technologies to further optimize aquaculture operations.

In 2022 eFishery will receive a short-term loan (loan) worth IDR 500 billion from DBS Bank Indonesia. For DBS Indonesia this is the first loan for the aquatech sector, while for eFishery it is the first loan facility from a bank.