Agritech B2B Startup “Elevarm” Reportedly Books Pre-Sponsored Funding Led by Insignia Ventures

Startups agritech B2B Elevarm reportedly posted pre-seed funding led by Insignia Ventures. Based on the data submitted to the regulator, the nominal received in this round has reached $1,39 million (approximately 21,6 billion Rupiah).

In addition to Insignia, there are 500 Southeast Asia (formerly called 500 Durians) as well as ranks angel investors, namely Fajrin Rasyid (Telkom), Gibran Huzaifah (eFishery), and Arip Tirta (Evermos), who participated in the round.

DailySocial.id have asked for confirmation from founder Elevarm regarding this information.

In the information compiled, Elevarm is a startup agritech which focuses on the upstream side, providing supply solutions to business customers by combining and leveraging smallholders with technology. This startup is still in "stealth mode" aka not operational the site not yet accessible.

Elevarm was founded in February 2022 in Bandung, West Java by Bayu Syerli. In his track record, Bayu has worked at Mamikos as Co-founder & COO and at Bukalapak as VP of Marketing.

own Insignia, in interview with DailySocial.id previously, said that they are indeed eyeing to be more aggressive in investing in the next potential sectors, such as web3, climate technology, health care, and agriculture. This step was taken after posting a third fund under management of $516 million which was announced in early August 2022.

Founding Managing Partner Yinglan Tan said, the impact made by the biggest companies outside of Southeast Asia in the last decade will be a new beginning compared to the impact that will be made by market makers in the next decade.

Startup funding agritech start dominating

According to records DailySocial.id, throughout the third quarter of 2022, sector fintech lead in the first place based on the number and value of transactions. The next sector of interest is logistics and agritech. Investor interest in these two sectors has increased compared to the previous period.

In that quarter, there was a decrease in the number of transactions and nominal value recorded compared to the previous period. In the third quarter of 2022, there were 62 transactions with an announced value of $983 million. This figure is actually not much different from the same period in the previous year, namely 68 transactions worth $ 974 million.

Meanwhile, in the second quarter of 2022, there were 71 funding transactions worth more than $1,4 billion. As for the first quarter of 2022, there were 50 funding rounds worth more than $1,22 billion. The funding phase disbursed in the third quarter of 2022 is dominated by early-stage funding (pre seed up to series A).