Indonesian agritech startup EdenFarm has raised an undisclosed amount in its pre-Series A funding round led by Investible, with participation from AC Ventures and Corin Capital.
Angel investors and existing and new investors have also backed the funding round that EdenFarm will use to expand its operations to the whole Java and Sumatra Island. The startup also seeks to offer much wider SKU selections for its merchant partners, among others.
Previously graduated from Y-Combinator, EdenFarm focuses on tackling Indonesia’s fragmented supply chain by connecting farmers and communities upstream with F&B businesses like restaurants, street food vendors, and central markets.
Since its inception in 2017, EdenFarm has supported local farmers by allowing them to sell directly to food vendors across the country. As the fastest growing agritech in Indonesia, EdenFarm’s mission is to maximize farmers’ income as a result of streamlining local food supply chains in Indonesia, as well as distributing quality and affordable fresh produce to food merchants.
Today, Indonesia is home to 30 million farmers, with the agriculture sector contributing 14% of Indonesia’s GDP or US$140 billion in market size, growing at 8% annually.
With the agriculture sector being heavily fragmented with inefficient supply chains, farmers’ income is limited with significant margin leakage throughout the value chain.
Additionally, F&B is a US$92 billion market, with mom-and-pop stores contributing to US$63 billion in market size.
The founders, David, Ramavito, Gunawan, Ramavito Mountaino, and Febrianto Gamal were MBA classmates and serial entrepreneurs, having co-founded companies in the logistics and consumer space together.
Strong entrepreneurial and operational expertise, coupled with spending significant time on the ground, has resulted in the team’s great empathy, insight, and passion about Indonesia’s agriculture space.
EdenFarm CEO, David, experienced the pain points of a farmer firsthand when he worked at a farm and realized that the traditional nature of the sector presented ample opportunities for digitization.
“With the vision of bringing quality and affordable fresh produce to all food businesses in Indonesia, EdenFarm is a technology-driven business with a versatile model that is thriving in one of the strongest agriculture industries in the world. We are in a perfect position to execute our plans for 2021, having exhibited healthy top-line and margin growth amidst the pandemic”, states David. – EventsNewsAsia.com