eFishery raises $108M in Series D at a $1.3B post-money valuation

Indonesian aquatech startup eFishery, which provides software and financing to fish farmers, has reeled in a big catch of $108 million in a Series D funding round, which boosted its post-money valuation to $1.3 billion, marking its entrance into the unicorn club.

Since its launch in 2013, eFishery has been transforming the aquaculture industry in Indonesia, ensuring a fair and sustainable supply chain for fish farmers and enthusiasts. Initially providing an innovative IoT-based automatic fish-feeding system that enables real-time monitoring and scheduling through smartphones, eFishery has expanded its offerings to include an end-to-end e-commerce platform. This platform facilitates the purchase of niche products and gear for fishers while also connecting farmers with financial institutions that offer specialized loans for aquaculture.

Currently, eFishery has a customer base of approximately 60,000 farmers and an extensive reach encompassing around 280,000 ponds in Indonesia.

This achievement follows the company's successful Series C raise of $90 million in January 2022, setting a record for the largest investment obtained by an aquaculture startup worldwide. The latest funding round saw substantial contributions from investors such as 42XFund with $100 million, SoftBank Vision Fund II with nearly $5 million, and Northstar Group with $3 million.

This strong support underscores the growing interest and potential in the aquaculture sector, with the funding for aquaculture startups in 2023 on the path to surpass the record-breaking year of 2022 when $292 million was raised across 42 startups in the sector, according to Crunchbase.