eFishery Announces Series B Funding, Led by Go-Ventures and Northstar

Today (12/8), startup aquatech eFishery announces series B funding of an undisclosed amount. The funding round was led by Go-Ventures and Northstar Group with the involvement of Aqua-spark and Wavemaker Partners. The business, which is led by Gibran Huzaifah, will use the investment funds to develop products, strengthen business positions, and develop teams.

"Through the introduction of new technologies to fish and shrimp farmers in Indonesia, we aim to increase crop yields, lower operating costs, and increase their productivity. We hope that product development from eFisheries can support the aquaculture ecosystem as a whole, starting from the cultivation process to distribution," said Gibran Huzaifah.

He added, "This new funding helps us to grow the company, open access to launch our products throughout Indonesia, and achieve our vision to become a global company. aquaculture intelligence leading in Indonesia. We are excited to welcome this strategic collaboration with Gojek and Northstar Group which we believe will add value to our platform."

So far eFishery has four main products. The first is eFisheryFeeder, which is an automatic feeding device. The second is eFisheryFeed, helping fish and shrimp farmers to get feed products at competitive prices. Then there is the eFisheryFund, which is loan program for cultivators. And the fourth is eFisheryFresh, a platform online groceries to help farmers sell their crops.

"We are very inspired by the positive impact eFishery is having on the aquaculture sector's supply chain. The company's ability to deliver the latest smart devices integrated with mobile analytics based cloud to cultivators has transformed the very traditional way of doing business in Indonesia," said Northstar Group Co-founder Patrick Walujo.

Meanwhile, VP of Investments Go-Ventures Aditya Kumar said, "The eFishery solution, which directly supports local farmers, also addresses broader issues, including strengthening food supply chains, reducing global food shortages, and helping to improve the Indonesian fishing industry and economy globally. overall. We expect to see those benefits grow exponentially as eFishery expands domestically today and regionally in the future."

eFishery was founded in 2013 in Bandung, becoming one of the pioneer startups developing -based products internet of things. Currently, their products have reached almost all parts of Indonesia. Previously they received pre-series A funding in 2015, continued closing series A in 2018. The company claims, since the last two years the business has achieved profitability, after experiencing significant growth over the past four years.

Next plan

Several specific plans for the allocation of new investment funds have been submitted. The company wants to build more robust data and algorithmic capabilities for eFisheryFeeder, as well as make the automated feed tool more compatible with various pool types and sizes. To support business processes, recently eFisheryPoint was also launched, to make it easier for farmers to get equipment products, sell their crops, and participate in other activities. Currently there are 30 points and will be developed to 100 locations by the end of the year.

Currently eFishery has around 250 employees and plans to add more to achieve the targeted business growth. This year the focus is on strengthening the team  product & engineer and selling & customer experience.

"While we have started several trials in Bangladesh, Thailand and Vietnam, our main focus for 2020 is to strengthen our position in Indonesia by enhancing our products and creating more strategic collaborations. Once we build a strong model that can be replicated across Indonesia , we are ready to explore possibilities for regional expansion," said Gibran.