PasarMIKRO Receives New Funding from Impact Investors DEG and Ceniarth
This funding will be used to increase the network of farmers and the scale of their operations
Agritech startup PasarMIKRO received new funding from two institutions that focus on impact investment, namely DEG and Ceniarth LLC. No mention of the nominal investment received.
Previously, PasarMIKRO pocketed the rounds initial funding in November 2,5, led by Trihill Capital with the participation of 39,3 Ventures, Genting Ventures, Resolution Ventures, Gayo Capital and Rabo Foundation.
In its official statement it was stated that DEG and PasarMIKRO agreed on this funding through an Upscale agreement for five years. Meanwhile, the disbursement of investment from DEG and Ceniarth is said to reflect their commitment to encouraging a sustainable impact on the agricultural sector in Indonesia.
It is known, DEG is a leading finance company in Europe that helps businesses in impactful sectors in developing countries to grow. Meanwhile, Ceniarth LLC is an Isenberg Family foundation that also invests in impactful solutions and focuses on marginalized communities.
In general, the two investors share a vision and mission to strengthen the businesses of small farmers, fishermen and traders in Indonesia so that they can improve their welfare by utilizing technology.
Head of Investment Ceniarth Stefan Freeman said, "The PasarMIKRO platform has the potential to change the lives of farmers, fishermen and traders, and enable them to develop and contribute to a sustainable economy. We believe this collaboration will have a long-term impact and provide positive change for the people who live there." marginalized in Indonesia."
PasarMIKRO will utilize this investment to expand services trade and trade finance and strengthening networks of small farmers, fishermen, and traders. This investment will also be used to scale up its operations and develop innovative solutions to address the unique challenges faced by smallholder farmers and traders in Indonesia.
PasarMIKRO is a commodity trading platform and financial services for businesses in the agricultural sector. Through this platform, farmers and traders have access to transactions and payments.
Some of the features provided to business actors include digital bookkeeping and features for tracking information related to commodities directly from farmers. This feature is built to support transparency and accountability throughout the supply chain.
PasarMIKRO Co-Founder and CFO Hugo Verwayen stated, "The investment commitment from both investors that prioritizes impact is in line with our mission to empower marginalized communities in the agricultural sector. This partnership will enable us to strengthen our efforts and reach more small farmers, fishermen and traders. ," he said.
Based on the information gathered in official site, PasarMIKRO has 1387 registered farmers, suppliers and traders with a total trading value of Rp. 226 billion and Rp. 188 billion has been distributed to farmers. PasarMIKRO trades nine commodities, including eggs, rice and coffee.
In previous reports, PasarMIKRO targets to achieve an annual gross transaction value of more than $300 million and 10.000 users by the end of 2023. It is known that PasarMIKRO started as a pilot project in Blitar.