eFishery Secures $200 Million Funding, Becomes Indonesia’s First Aquaculture Unicorn
eFishery, an Indonesian startup company in the aquaculture industry, recently made an announcement that it was successful in raising $ 200 million in a Series D funding round. This brings the company’s valuation to over $ 1 billion. Because of this achievement, eFishery has earned the distinction of being the first startup company in the aquaculture industry to reach the unicorn status. The funding round was led by 42XFund, which is based in Abu Dhabi, and participation came from a number of different investors, including Kumpulan Wang Persaraan (Diperbadankan), responsAbility, and 500 Global, amongst others. Notable participants in this round include investors who have participated in previous rounds, such as Northstar, Temasek, and SoftBank. The funding will be critical in supporting eFishery’s ambitious plans to expand its operations both within Indonesia and internationally. eFishery’s current focus is on the Indonesian market.
eFishery, which was established in 2013 and is currently led by CEO Gibran Huzaifah, has developed a smart feeding system with the intention of completely altering the aquaculture industry. eFishery is able to assist fish and shrimp farmers in optimizing their feeding procedures by utilizing its cutting-edge Internet of Things (IoT) auto feeding system. As a result, these farmers experience increased levels of productivity and profitability in their operations. The farmers are able to remotely monitor and control the feeding process using their smartphones, which allows the system to function by automatically distributing feed to the aquatic animals. Additionally, the system allows the farmers to do so remotely. Additionally, the system is able to collect useful data on fish behavior, appetite, stock density, and mortality rate, which provides farmers with insights that enable them to make decisions that are informed and well-informed.
Fish farming practices that have been around for a long time have relied on manual feeding techniques, which has resulted in unpredictable growth rates and inefficient use of available resources. Farmers are able to ensure that all fish receive the appropriate amount of feed thanks to the intelligent feeding system offered by eFishery. This results in more even growth and less food being wasted. Utilizing technology, eFishery makes a contribution to the environmentally responsible growth of the aquaculture industry by reducing the amount of nutrient runoff that is likely to pollute water sources.
Only China has a larger fishing and aquaculture industry than Indonesia does; Indonesia’s industry is currently ranked in second place. The remarkable annual output of 5.8 million tons of fish from this country exemplifies the significant contribution that the fishing industry makes to the economy of this nation. According to the findings of a study that was carried out by the Demographic Institute of the University of Indonesia (LDUI), the aquaculture sector of Indonesia’s eFishery contributed 1.55% to the country’s gross domestic product (GDP) in the year 2022. This highlights the significant impact that eFishery has on the industry, further cementing its status as a key player in the economic landscape of Indonesia.
The scope of eFishery’s ambitions goes well beyond the borders of Indonesia. The company plans to simultaneously expand its presence in international markets while working toward its goal of reaching one million aquaculture ponds within Indonesia by the year 2025. Shrimp that has not been treated with any antibiotics can be exported; this is one of the most important strategies for expanding into international markets. eFishery is well positioned to play a significant part in fulfilling the growing demand for high-quality aquaculture products all over the world as a result of its adherence to sustainable and environmentally friendly business practices.
As eFishery works toward expanding its business, it must contend with a number of obstacles that are specific to the dynamic economic environment in Indonesia. There are a total of 34 provinces in this country, and each one has its own set of regulations regarding how businesses should operate. eFishery understands the significance of taking a more regionalized approach in order to overcome this fragmentation. The need to respect and collaborate with local players, such as middlemen, who possess valuable local wisdom, connections, and assets is emphasized by the CEO, Gibran Huzaifah. eFishery is able to navigate the complexities of each province thanks to the cultivation of relationships and the incorporation of local dialects, which in turn ensures efficient operations and sustainable growth.
The aquaculture industry has not seen nearly as much technological advancement as other industries, despite the rapid digital transformation that has been taking place in other fields. eFishery is working to close this gap by developing digital solutions that can be individualized to meet the requirements of individual fish and shrimp farmers. Farmers are provided with the essential tools to optimize their businesses and navigate the challenges of the industry by eFishery, which provides a comprehensive platform that not only includes the smart feeding system but also marketplaces for selling feed and aquatic products. This gives farmers the ability to better compete in the industry.
The accomplishments of eFishery and its continued success shed light on the enormous growth potential that exists within the aquaculture industry, not only in Indonesia but also on a global scale. Startups such as eFishery are helping to foster positive change and contribute to the sector’s overall economic development by embracing cutting-edge technologies and environmentally responsible business practices. The establishment of cutting-edge practices, the expansion of trade negotiations, and the improvement of infrastructure will all be significantly aided by the collaboration of local communities, national governments, and established institutions. The culmination of these efforts will be an increase in fish production, an improvement in product quality, and the realization of a sustainable and inclusive aquaculture economy.
There are a number of other startups making waves in Indonesia’s aquaculture industry in addition to eFishery. Aruna, Delos, and FishLog are just some of the other tech-driven companies that have recently secured funding to address a variety of issues pertaining to the sector. These new businesses are collectively making significant contributions to the modernization and expansion of aquaculture practices, which is further strengthening Indonesia’s position as a preeminent force in the global fishing and aquaculture landscape.
The recent completion of a funding round for eFishery in the amount of $ 200 million and the company’s status as a unicorn both highlight its position as a market leader in the aquaculture industry. eFishery is providing fish and shrimp farmers in Indonesia with the tools they need to improve their operations and contribute to the country’s overall economic growth by utilizing its cutting-edge smart feeding system and all-encompassing platform. eFishery is well positioned to reshape the aquaculture industry not only in the United States but also on a global scale because of its use of technology, emphasis on environmentally responsible practices, and openness to collaboration. Because of its extensive knowledge and unwavering dedication to technological advancement, eFishery is positioned to become an essential participant in the development of aquaculture in the years to come.
First reported on TechCrunch
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