FishLog Secures Seed Funding Led by Insignia Ventures Partners
Arise, KK Fund, Ango Ventures, Captain Fresh, and several angel investors were participating in this round
B2B fish marketplace platform "FishLog" announced its seed funding round. This funding was led by Insignia Ventures Partners, however, the total value received was not further stated.
Participated also in this round, Arise, KK Fund, Ango Ventures, a startup from India called Captain Fresh, and several angel investors, including Kopi Kenangan's Co-founder & CEO, Edward Tirtanata, AwanTunai's Co-founder Windy Natriavi, Shipper's CMO Jessica Hendrawidjaja , and several other names.
The company plans to use the fresh money to expand the digital product ecosystem and fisheries services in Indonesia, scale-up regional networks across the country, making it possible for new partners to join the ecosystem, also to build-up teams and capabilities. FishLog had participated in several competitions and acceleration programs, including DSLunchpad ULTRA.
"Through Fishlog, we are building an inbound market driver for all fisheries stakeholders in Indonesia, streamlining their supply chain processes to be more efficient and transparent in a more sustainable way," the Co-Founder & CEO, Bayu Anggara said.
Similar to other logistics services, such as Ritase to Shipper, FishLog wants to focus on middle-chain logistics. Currently, FishLog has joined partnerships with 25+ supply side savers in coastal areas. The company has served 10+ cities, from Aceh to Papua. There are around 100 fishermen who claim to have been helped by the services offered by FishLog.
Fishery supply chain solutions
While some startups have already developed solutions that focused on the fisherman or the farmer side of the supply chain, Fishlog wants to bring technology into the fisheries supply chain, providing a robust distribution channel for fishermen, and easy access for B2B to get real-time fish availability.
FishLog is present in terms of logistics and supports the fishery supply chain in Indonesia. The platform is also equipped with applications that can help partners to record warehouse operations, access raw materials, and market access. Since implementing this model, FishLog has increased revenue nearly 20-fold year over year in addition to this unique approach to Indonesia's fragmented supply chain.
They have also provided digital solutions for cold storage warehouses to increase their utility by connecting with more suppliers and buyers, also enabling these suppliers to have easier access to goods.
"With the on-site experience and local network of the founding team, the momentum is just right since its launching, and with its focus on digitizing cold storage distribution, Fishlog is well positioned to take the lead in addressing longstanding inefficiencies in the Indonesian fishing industry,” Insignia Ventures' Founding Managing Partner, Yinglan Tan said.
-Original article is in Indonesian, translated by Kristin Siagian