Heaptalk, Jakarta — Indonesia-based Agritech startup Elevarm has secured seed funding worth USD2.6 million led by Singapore’s Insignia Ventures Partners. Several strategic investors, including 500 Global and e-fishery startup CEO Gibran Huzaifah, also backed the round.
This investment will enable Elevarm to triple its greenhouse space. It will also allow them to increase production capacity for high-quality seedlings, making it more affordable for smallholder farmers. This fresh capital will also be channeled towards a new factory equipped with advanced manufacturing technology to expand its capacity for fertilizer production.
“We see incredible value in uplifting our local smallholder farmers, the backbone of up half of Indonesia’s farming industry. We aim to democratize access to farming essentials that boost crop yields for them and contribute to the circular economy in the long run through our proprietary research, technology, and solutions,” Co-founder and CEO of Elevarm, Bayu Syerli Rachmat, conveyed.
Following the commercial success of the startup’s proprietary organic fertilizer, vermicompost, the company will also make significant investments in its in-house R&D engine to develop new products that improve biodiversity, soil, health, and ecosystem resilience.
Yinglan, the CEO and Founding Managing Partner at Insignia Ventures Partners, realized that it takes work to grasp the complexity of Indonesian agriculture and what it takes to solve the obstacles of farmers and stakeholders.
“Elevarm has a clearer sense of where best to focus their efforts and set standards with what they have accomplished – standards recognized globally,” Yinglan added.
Founded in 2022, the startup offers interconnected horticultural services and products, empowering farmers with reasonable quality inputs for higher farming productivity, a broader market, and safe and accessible financing. With 13,000 agricultural partners and more than 5,000 active farmers as customers, Elevarm has witnessed solid year-on-year growth, with revenue up 7x last year.
Elevarm will also collaborate with new research institutions and strategic partners to engineer affordable, deep-tech horticulture solutions tailored to uniquely local challenges at different stages of the farming journey. In addition to servicing over 400 hectares of farmland through its current farming partners, Elevarm’s business-to-business (B2B) marketplace for farmers and wholesalers facilitates crop sales of up to 1,000 tonnes monthly.
Elevarm’s 70-strong team aims to introduce 15 new organic products this year, including biostimulants, fertilizers, solutions for plants, and biopesticides. The team believes that agritech solutions are vital to the sustainable growth of farming and agriculture industries and hopes to serve smallholder farmers across the region, starting with Indonesia.
“Beyond improving how and what we feed the world, Elevarm is cultivating sustainable agriculture solutions that bridge technology and tradition. The team’s commitment to innovation and environmental stewardship as leaders at the frontline of food production paves the way for a healthier planet.” eFishery’s CEO said.
