Indonesia’s eFishery Raises $200M in Series D Funding, Attains Unicorn Valuation

eFishery, an aquaculture technology company based in Indonesia, has achieved unicorn status after successfully raising $200 million in its Series D funding round. This makes eFishery the first startup in the global aquaculture industry to attain a valuation of over $1 billion.

The round was led by Abu Dhabi-based 42XFund and supported by investors such as responsAbility, 500 Global, Malaysia’s KWAP, as well as existing investors like Temasek, Northstar, and SoftBank.

eFishery aims to create a digitized community of farmers, providing them with access, affordability, and improved profitability. The company’s CEO, Gibran Huzaifah, emphasized the immense potential of the aquaculture sector, which is experiencing rapid growth globally.

Founded in 2013, the startup introduced an affordable and efficient technology solution for fish and shrimp farmers in the Indonesian aquaculture industry. Their Internet of Things (IoT) smart feeder device utilizes sensors to measure water movement and acoustics, optimizing feeding, fish health, and water quality while reducing waste.

eFishery’s comprehensive ecosystem encompasses the entire aquaculture value chain, from seeds to financing.

With the recent Series D funding, eFishery aims to expand its community of fish and shrimp farmers, with a target of reaching over 1 million aquaculture ponds in Indonesia by 2025. The funding will also enable eFishery to facilitate more transactions involving fish feed and fresh aquaculture products through its platform, further strengthening its role in the industry.

In an official statement, Co-Founder and Chief Executive Officer Gibran Huzaifah said, “The strategic support we receive from our investors will help us revolutionize the entire industry, especially by integrating Indonesian smallholder fish farmers into the eFishery ecosystem that spans the entire value chain.”

Joining as new investors are Malaysian pension fund company Kumpulan Wang Persaraan (KWAP), Swiss asset management firm responsAbility (rA), and venture capital investor startup 500 Global. These investors joined the ranks of existing shareholders, including Temasek, Softbank, and Northstar, led by Patrick Walujo, who recently assumed the CEO role at PT GoTo Gojek Tokopedia Tbk (GOTO). Patrick has previously commended eFishery for its profitability and prudent spending practices.

Aqua-Spark, one of eFishery’s early supporters, identified the need for innovation in the industry back in 2014 when small-scale farmers could not access advanced technologies, hindering their productivity and growth.

Since its establishment, eFishery has sold 62 million kilograms of fish and 14 million kilograms of shrimp, providing 179 million kilograms of feed. The company has also collaborated with fish and shrimp farming communities, managing a network of 12,000 farms.

Looking ahead, eFishery has plans for global expansion and aims to scale its business by exporting chemical and antibiotic-free shrimp.