eFishery, an IoT startup, has announced it raising an undisclosed amount in pre-series A round of funding led by Aquaspark, Netherlands-based aquaculture investment fund and Indonesian venture capital firm Ideosource.
The Indonesian startup eFishery is a smart fish feed manufacturer that makes use of the internet to feed the fishes smartly. “The problem that we are solving is the inefficiency of feeding in the fish farming business. I saw the problem when I was a fish farmer myself. Fish feeding is done inefficiently by laborers, and farmers don’t have any technology to control the feeding yet,” said eFishery’s co-founder and CEO Gibran Chuzaefah Amsi El Farizy.
The startup generate revenue by selling smart feeder to farmers and distributors. It also has a mobile software to monitor and analyze the fish feeding activities in real-time for which the firm charges a month subscription fee for its users. Till date, it has sold hundreds of units and claims to have more than 17,000 fish and shrimp farms in its sales pipeline that consists of orders from Thailand, Singapore, India, China, Brazil and even African countries.
With the new investment, the startup plans to widen the eFishery’s distribution network inside Indonesia with more distributors and partners. Also, it plans to ramp up its employee team. With this funding round, eFishery becomes the first IoT startups in Indonesia to receive venture capital investment.”
Amy Novogratz, partner at Aqua-Spark said, “We are very excited to solve the global challenge of fish feeding with eFishery. Indonesia has about 3.3 million fish ponds and 2.7 million fish farms. When brought to scale, it could have a massive impact across a global industry plagued by this challenge. It has the potential to set a new standard for aquaculture and make the industry more transparent, data-driven and accountable – all factors that will make business in this sector more investment friendly.”