![]() ![]() We laud Wavemaker for their ability to suss out and gumption to back a tech company targeting the traditional fish farming industry," said Doris Yee, Executive Director, SVCA. "We were impressed by eFishery's amazing growth and ability to realize profit and make significant impact to the lives of fish farmers in Indonesia. Wavemaker first invested in eFishery during its Series A round in 2018, writing its biggest first check at the time. Earlier this year, it raised its US$90 million Series C round, led by Temasek, SoftBank Vision Fund 2, and Sequoia Capital India, with participation from the Northstar Group, Go-Ventures, AquaSpark, and Wavemaker. Today, eFishery serves more than 40,000 fish and shrimp farmers across 200,000 ponds in Indonesia. Leveraging data from the device, the company strategically launched a marketplace where farmers can buy feed, secure loans, and sell their produce. Most farmers still feed their fish and shrimp manually, which often leads to overfeeding–a massive issue since feed accounts for the bulk of a farmer's cost. Thank you to the SVCA for this award."ĮFishery started out offering an IoT (Internet of Things) feeder that helps aquaculture farmers lower costs, improve yields, and cut harvest time. And for the most part, this is an appreciation for investors who dared to back ideas like ours when no one did. So this award is not only an honor for us, but also a validation for our way of operating the business. That's why, at some point in the past, we weren't a very attractive investment for many VCs. We obsessively focused on solving fundamental problems while paying close attention to profitability from the early days. Gibran, eFishery's co-founder and CEO, commented: "Since we started 9 years ago, we always positioned ourselves as a contrarian, entering agritech when most startups focused on consumer tech built IoT while the rest built apps-only solutions developed rural ecosystems while others served the urban market. The VC firm has over US$300 million in AUM across four funds in the region, and has seen more than 10 exits with an aggregate enterprise value of over US$700 million. Since 2012, it has backed 180+ companies, of which 160+ (85%) are in enterprise, deep tech and/or sustainability. Wavemaker has been around for a decade, working hand in hand with founders to create opportunities in Southeast Asia. We are hopeful that they will inspire a new generation of entrepreneurs to launch meaningful, scalable, and sustainable businesses across Southeast Asia," said Paul Santos, Managing Partner of Wavemaker. Their homegrown digital fishing cooperative is the first-of-its-kind in the world, and they've already managed to uplift the lives of more than 40,000 farmers. ![]() ![]() Against the odds and with little fanfare, they're showing that it is possible to build a high-growth, high-impact, and high-margin startup. This headline has now been corrected."We invested in eFishery in 2018 and have been consistently impressed by what Gibran, Chrisna, and their team have accomplished. Update: J12:32 pm: An earlier version of this story carried this headine: Wavemaker Partners Closes $50 Mn Fund Focussed On Indonesia. Another Indonesia-based VC firm, Kejora recently announced the launch of its second fund, with an expected corpus of $80 Mn with plans to expand to Malaysia. In April 2017, Jakarta-based real-time shopper engagement app, Snapcart secured $3 Mn in its Pre-Series A round of funding from Vickers Venture Partners, Wavemaker Partners, and SPH Media Fund. There are around 20 prominent VC firms that are investing heavily in Indonesia currently. Indonesia, Southeast Asia’s largest economy, has an enormous potential for growth due to its abundant natural resources, young population and (relative) political stability. The statement also divulged that it has exited five companies in the region, including Pie, Luxola, and ArtofClick. Additionally, this is the fifth fund launched by the company and the second for Southeast Asia. As per an official statement, Wavemaker Partners has around 10 portfolio companies in Indonesia. ![]()
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