Indonesian agritech startup EFishery has become a unicorn with a valuation of US$1.4 billion after securing US$200 million in a Series D funding round led by 42XFund. The funding will support EFishery’s expansion plans in Indonesia and India, with the company aiming for an IPO in the US or Indonesia within the next two years.
10 July 2023 – EFishery, a pioneering agritech startup based in Indonesia, has achieved unicorn status after securing $200 million in a Series D funding round. The funding was led by 42XFund, Abu Dhabi’s prominent investment firm, and propelled EFishery’s valuation to $1.4 billion, marking a significant milestone in the company’s growth trajectory.
The Series D funding round attracted notable investors, including Malaysia’s state pension fund Kumpulan Wang Persaraan, ResponsAbility Investments AG, and 500 Global, along with participation from existing backers such as Northstar Group, Temasek Holdings Pte, and SoftBank Group Corp.
EFishery, founded with the mission of addressing challenges in the agritech sector, has quickly become a leader in serving fish and shrimp farmers in Indonesia, catering to a customer base of 70,000. The achievement of unicorn status in a year marked by economic uncertainties and market volatility underlines the company’s resilience and ability to adapt to changing circumstances.
The fresh funding will enable EFishery to expand its operations in Indonesia and India, leveraging its innovative technology and strengthening its marketplace for fish and shrimp farmers and buyers. Furthermore, the company plans to pursue an initial public offering (IPO) in the US or Indonesia within the next two years, as part of its long-term growth strategy.
Gibran Huzaifah, Chief Executive Officer of EFishery, expressed his optimism for the future, stating, “We aspire to be a global leader in the next five years and consider an IPO as a significant milestone in our journey. This funding round will fuel our expansion plans and enhance our commitment to promoting sustainability and reshaping the future of food.” – Bloomberg