Indonesia-based aquaculture startup eFishery has raised an unspecified amount in a Series B funding round led by Go-Ventures and Northstar Group, according to an announcement.
According to the release, other participants in the round include existing backers Aqua-spark and Wavemaker Partners.
Founded in 2013 and based in Bandung, eFishery offers an end-to-end platform that provides farmers with feed and access to financing and market networks.
Currently, the company offers four main products, which comprise an automatic feeding device for fish and shrimp (eFisheryFeeder), a fish feed product (eFisheryFeed), a financial scheme for farmers (eFisheryFund) and an online platform connecting fish farmers with customers (eFisheryFresh).
The company says that its services have reached more than 24 provinces and served thousands of fish and shrimp cultivators throughout Indonesia.
Since its last funding round in 2015, eFishery claims that its business has quadrupled and has been profitable over the past two years.
The company says the proceeds of the latest funding will be used to support product development, strengthen eFishery’s position in the domestic aquaculture industry, and develop its team.
Among the newest innovations launched by eFishery is eFisheryPoint, an integrated physical service center located close to farmers, which aims to make it easier for farmers to easily access various eFishery products.
eFishery currently operates 30 eFisheryPoint locations in Indonesia and plans to open 100 new eFisheryPoints throughout Indonesia by the end of 2020. This, the company said, is part of its efforts to “grow the business tenfold.”
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