eFishery, an Indonesian fish farming company that specializes in aquaculture technology, announced that it has secured what it claims to be the world’s largest round of financing by an aquaculture tech startup.
The company has raised $90 million in its most recent Series C funding round, allowing it to expand its platform and target the top 10 countries for aquaculture tech, including China and India.
Co-led by Temasek, SoftBank Vision Fund 2 and Sequoia Capital India, the funding round will also help eFishery achieve its goal of launching the largest digital cooperative for fish and shrimp farming.
Founded in 2013, eFishery has grown to become a leader in Indonesia’s aquaculture space, providing feeding devices, software and financing to fish and shrimp farmers.
Fishermen using eFishery’s software such as eFarm and eFisheryKu are able to closely monitor the operations of their shrimp or fish farms.
The company’s eFund financing program connects fish farmers to financial institutions for things like a pay-later service to purchase supplies. Over 7,000 farmers have taken out loans through eFund thus far, with total disbursements of more than $28 million.
“This new funding will be used to expand the company, regional expansion and achieve our target of becoming a leading aquaculture technology company,” said eFishery Co-founder and CEO, Gibran Huzaifah.
Indonesia is a major aquaculture producer in the region and the world. In 2021, the country’s aquaculture production was 12.25 million metric tons, a 6% increase from the same period in 2020.
According to the country’s fisheries ministry, the aquaculture industry generated more than $1.94 million in non-tax state revenue throughout the year to November 2021, well exceeding a target of $1.39 million.
In December, the government announced that it had established six aquaculture communities and would construct another 130 by the end of 2022. Shrimp, lobster, crab, and seaweed will be farmed in the villages.
Anna Lo, investment director at SoftBank Investment Advisers, said, “Indonesia is one of the world’s largest producers of fish and we believe its aquaculture industry can play a meaningful role in feeding the world’s growing population.