Indonesian aquaculture startup eFishery nets $4m funding
Totaling US$4 million, eFishery’s latest round of funding is backed by a series of global investors such as Aqua-spark, Wavemaker Partners, 500 Startups, Maloekoe Ventures, Social Capital, Unreasonable Capital, Triputra Group, and other institutional investors.
Overfeeding is an issue that directly affects the freshwater fish and shrimp farming industry, with fish feed representing around 70 percent of farming overheads. According to Gibran [Huzaifah, eFishery co-founder and CEO,] the startup’s data-driven device brings a direct, cost-efficient solution to farmers.
“Ultimately, with this new round of investment, we want to further scale […] to be a platform that connects the entire ecosystem in fish and shrimp farming, creating a more accountable and profitable industry across the region,” adds Gibran.
Launched in 2013, the Bandung-based startup provides a device that enables automated feeding of stock in fish farms, which farmers can monitor and schedule via a smartphone app. The device also collects data on farm production patterns and fish behavior, which eFishery wants to use to create additional solutions for the aquaculture industry.
The startup claims to be profitable, with 261 times revenue growth in the past two years. Its devices are used in 67 regencies and cities across 16 Indonesian provinces. It is also running pilot projects in Bangladesh, Thailand, and Vietnam.
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