Heaptalk, Jakarta — Indonesia’s farming productivity startup Elevarm obtained US$1 million from Rabo Foundation, Japan’s IT company Scala, and Indonesia’s fintech firm Amartha. The agritech startup will utilize its fresh injection to advance Elevarm’s pro-farmers financing products,
“Financial literacy is a crucial part of empowering smallholder farmers as it enables them to take ownership of their yields and grow their livelihoods truly. Together with our partners, Elevarm connects global expertise in this field to the grassroots of local farming, utilizing our productive financing model to enhance their productivity in the long run and help them improve what they do best: feeding Indonesia and the world,” Elevarm’s Co-Founder and CEO, said.
Elevarm has benefited 200 farmers from its financing program, with approximately USD150,000 disbursed over six months. This global partnership is expected to increase the partners of up to 1,000 farmers and disburse around US$1.5 million by the end of 2024. Following this initiative, this agritech is currently preparing for a pre-Series A funding round and is scheduled to release more agricultural input products this year, focusing on bio-stimulants and bio-pesticides.
In May 2024, this agritech startup also received seed funding of USD3.6 million, led by Singapore’s Insignia Ventures Partners. Other investors, such as 500 Global and the CEO of eFishery Gibran Huzaifah, participated.
Elevarm will allocate the funds to triple its greenhouse space and increase production capacity for high-quality seedlings, making it more affordable for smallholder farmers. The fresh capital will also be channeled towards a new factory equipped with advanced manufacturing technology to broaden its capacity for fertilizer production.
“The agriculture sector plays a pivotal role in establishing food systems that align with this. Elevarm’s team is crafting a blueprint to turn individual farmers into a national force for good, where farmer livelihoods also positively contribute to global food security,” Innovation Programme Manager at Rabo Foundation, Anna Ignatiadi, conveyed.
