- Indonesian startup eFishery, which provides technology and services to aquaculture farmers, has reached unicorn status thanks to a $108 million Series D.
- UAE-based G42 Global Expansion Fund (42xFund) led the round with participation from SoftBank Vision Fund II and private equity firm Northstar Group.
- According to regulatory filings cited by Deal Street Asia, eFishery could raise up to $200 million more in additional funding.
Why it matters:
Launched in 2013 with a digitally controlled “smart feeder” for fish and shrimp farmers, eFishery has since expanded its offerings to include an “end-to-end” digital system for managing fish/shrimp farming operations as well as an online marketplace and access to financial services.
All of these offerings are aimed at helping fish farmers increase productivity while also creating more sustainable practices for both the environment and the farmers themselves. In particular, it aims to link more fish and shrimp farmers directly to buyers and therefore more competitive options when selling their wares.
Indonesia is one of the world’s largest producers when it comes to aquaculture. That said, the country’s aquaculture industry has historically been linked to mangrove deforestation and inadequate waste management practices, amongst other concerns.
According to the company’s latest impact report, eFishery has more than 6,000 fish and shrimp farmers from 250 cities in Indonesia in its ecosystem. The report also claims eFishery’s platform can boost farmer incomes by as much as 45% and that the total carbon footprint of its production is 92% lower than that of the meat industry.
The company has also said it aims to have 1 million fish farmers as members of its “digital cooperative” by 2025.
According to the regulatory filing, 42XFund contributed $100 million to the Series D round, SoftBank Vision Fund II invested $5 million and Northstar Group $3 million.
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