The Indonesian aquaculture tech startup eFishery has raised US $108 million in series D funding, taking its overall valuation to US $1.3 billion, according to a report in Tech in Asia published yesterday.
The company, based in Bandung, Indonesia, was founded by former fish farmer Gibran Huzaifah in 2013. The agritech company provides cloud-based smart feeding technology for fish and shrimp farms across the Indonesian archipelago, to increase feed efficiency and collect data to provide predictions for farmers.
Aquaculture is a key industry for Indonesia, valued at US $9.4 billion. However, many fish and shrimp farmers are small-scale. The company's data platform provides small producers with services to support their business, such as financing, market access and supply chains.
Huzaifah spoke about eFishery at a special session during this week's Blue Food Innovation Summit, describing the business as "a truly digital cooperative". "We're also currently the largest feed and shrimp supplier in Indonesia," he said, adding "We were close to a 400 million dollar revenue last year, and close to a billion dollars this year."
However, Huzaifah did not make any comments about the latest funding round at the event.
The series D round was led by United Arab Emirates-based investment management fund 42xfund, with eFishery's existing investors Northstar Group and SoftBank Vision Fund II also participating.
The company previously raised US $90 million in a series C funding round in January 2022, and counts Netherlands-based aquaculture venture fund Aqua Spark among its key investors.