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eFishery Secures $200 Million Funding, Becomes Indonesia’s First Aquaculture Unicorn

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eFishery, a startup in Indonesia’s aquaculture industry, has raised $200 million in a Series D funding round, resulting in a valuation exceeding $1 billion. The funding round was led by 42XFund from Abu Dhabi and saw participation from various investors including Kumpulan Wang Persaraan (Diperbadankan), responsAbility, and 500 Global, along with previous investors such as Northstar, Temasek, and SoftBank. The funds are intended to support eFishery’s expansion plans within Indonesia and internationally, with a specific focus on the Indonesian market.

The company, established in 2013 and led by CEO Gibran Huzaifah, has developed a smart feeding system that aims to revolutionize the aquaculture industry. This system assists fish and shrimp farmers in optimizing their feeding processes using an advanced Internet of Things (IoT) auto feeding system. Through this technology, farmers can remotely monitor and control the feeding process using their smartphones, allowing for the automatic distribution of feed to aquatic animals, as well as the collection of critical data on fish behavior, appetite, stock density, and mortality rate, empowering farmers to make well-informed decisions.

Prior to the adoption of eFishery’s intelligent feeding system, fish farming relied on manual feeding techniques, resulting in unpredictable growth rates and inefficient resource utilization. With eFishery’s system, farmers can ensure each fish receives the appropriate amount of feed, leading to more even growth and reduced food wastage. Additionally, the technology contributes to environmentally responsible aquaculture by reducing nutrient runoff that could pollute water sources.

Indonesia’s fishing and aquaculture industry ranks second globally, producing 5.8 million tons of fish annually and contributing 1.55% to the country’s GDP in 2022. eFishery’s significant impact on the industry solidifies its position as a key player in Indonesia’s economy.

eFishery has set its sights on international expansion and aims to reach one million aquaculture ponds in Indonesia by 2025. With a focus on exporting antibiotic-free shrimp, the company is well-positioned to meet the increasing global demand for high-quality aquaculture products, while remaining committed to sustainable and environmentally friendly practices.

Operating in Indonesia’s complex economic landscape, which is characterized by 34 provinces each with its own business regulations, eFishery emphasizes a regionalized approach, respecting and collaborating with local players to navigate the complexities of each province effectively.

The aquaculture sector has not experienced significant technological advancements compared to other industries undergoing rapid digital transformation. eFishery addresses this gap by providing digital solutions tailored to individual fish and shrimp farmers, offering a comprehensive platform inclusive of the smart feeding system and marketplaces for selling feed and aquatic products, thereby empowering farmers to compete effectively.

eFishery’s success underscores the growth potential in the aquaculture industry, both in Indonesia and globally. Together with other tech-driven startups such as Aruna, Delos, and FishLog, eFishery is contributing to the modernization and expansion of aquaculture practices, further solidifying Indonesia’s position as a global force in the fishing and aquaculture landscape.

eFishery’s funding achievement and unicorn status highlight its leadership in the aquaculture industry, providing tools to improve operations and contribute to Indonesia’s economic growth. With its technology, commitment to environmentally responsible practices, and willingness to collaborate, eFishery is poised to reshape the global aquaculture industry and become a crucial player in its development.

First reported on TechCrunch

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