FishLog Completes Pre-Series A Round, Strengthens Expansion in the United States

Startups aquatech FishLog announced that it has completed a pre-series A extension round of funding with an undisclosed amount. Investors participating in this round are Mandiri Capital Indonesia (MCI), BNI Ventures, Accel Partners, Insignia Ventures Partners, and Saison Capital.

This round is already underway since November 2022. The nominal value obtained at that time was $3,5 million from BRI Ventures, Accel, Insignia Ventures Partners, Patamar Capital, Indogen Capital, and Triputra Agri Group.

The funds raised will be used to empower and improve fishing businesses and stakeholders to strengthen the FishLog cold chain ecosystem. A particular focus is the distribution of traceable fishery products in the United States (US), supported by FishLog's proprietary innovations: FishLog Trace and FishLog Smart Contract, which are supported by blockchain technology.

FishLog Trace guarantees seafood is responsibly sourced, utilizes a traceable system, and provides quality insurance coverage. Meanwhile, the FishLog Smart Contract handles financing, increases transparency and fosters global trust.

In an official statement, FishLog Co-founder and CEO Bayu Mukti Anggara said that the United States is one of the largest markets in the world. Based on data from the US Department of Agriculture, US seafood imports exceed exports by $20,3 billion in 2023. This data shows that there is huge potential open for FishLog to strengthen its ecosystem in the US.

"This can accelerate the profitability of product distribution, such as blue crab, tuna, shrimp, and many more because Indonesia imports products to international B2B FishLog buyers," he said, Tuesday (2/4).

FishLog has expanded its wings to the US since 2023 by establishing a company that specializes in importing and distributing its own seafood brand "Sea Tracer". Calculated, the company has distributed more than 60 thousand kg of seafood products. FishLog connects more than 60 domestic and international buyers and helps them grow their businesses.

FishLog Co-founder and COO Abdul Halim added that his party is trying to support a more globally competitive fishing industry in Indonesia. The way to do this is by embracing fisheries stakeholders to unlock global growth.

FishLog has built a technology solution to connect cold storage facilities across the country with the goal of increasing transparency, stability and maturity of the fisheries supply chain.

"We aspire to become partners for fisheries entrepreneurs in gaining access to various stakeholders such as financial institutions, domestic and foreign buyers, and others," he said.

Accel Partners Co-founder and Partner Prashanth Prakash said that Indonesia's increasing global economic strength, especially in the fishing industry, provides an opportunity of $30 billion.

"With a growing export market and strong domestic consumption, the country's economic landscape is full of potential and we are very enthusiastic to partner with FishLog in making it an important part of Indonesia's growth," he explained.

Collaboration with the BUMN ecosystem

As further stated by Mandiri Capital Indonesia CEO Ronald Simorangkir, FishLog has become a prominent candidate since entering the Indonesia Impact Fund portfolio managed by MCI. They are able to empower fishermen and improve their livelihoods, as well as integrate smoothly into the Mandiri Group ecosystem.

“Apart from that, their status as Zenith Accelerator finalists confirms their potential and innovation in the industry. "We are thrilled to support FishLog on this impactful journey, given its significant contribution and potential synergies within our ecosystem," said Ronald.

Not only that, FishLog collaborates with the BNI Xpora program to support Indonesian seafood SMEs in expanding exports. FishLog has distributed around $950 thousand to empower export fishing business partners.

BNI Ventures CEO Eddi Danusaputro said, "BNI Ventures invested in FishLog to increase financial inclusion for fishermen. "Through investment and synergy activities, BNI Ventures aims to increase transactional activities by integrating BNI transactional services, products and networks into the FishLog ecosystem."

On the same occasion, FishLog introduced Dimas Wikan Pramudhito to the management team as Chief Financial Officer. Dimas has a rich background in well-known banking institutions, such as Rabobank, Mitsubishi UFJ Financial Group (MUFG), Standard Chartered Bank, NOBEL Capital Investment, including an important role as CFO at PT Antam Tbk from 2015 to 2019.

“FishLog and its co-founders have a lofty goal, one that many have tried but failed to achieve. FishLog is not just commercialism, it is a movement, an ecosystem through which suppliers, traders, financiers and partners depend on each other and believe that there must be a better way of doing things, an alignment that supports achieving higher goals. [..] This noble cause has moved me forward and I am honored to be part of this great journey,” he said.

In support of sustainability measures, FishLog has made significant progress, achieving a 40% increase in cold storage productivity through sustainable supply and technology, managing more than 4 thousand tons of seafood inventory per month. In addition, FishLog has had a positive impact on more than 100 suppliers, empowering more than 800 workers, and 38% of them are women.

The company also recently received grant funding of $100 thousand from the United Nations Development Program (UNDP) and the Ministry of Finance of the Republic of Indonesia. These grant funds will help increase the financial literacy of fishing families, provide character education for fishermen's children, support mangrove planting for global carbon tracking in the fishing industry, and much more.