Prior to this pre-series B round, EdenFarm has encountered almost 60 times growth in the last 40 months to remain profitable on its path.
Heaptalk, Jakarta — Indonesia’s B2B food supply chain startup, EdenFarm, has seized its pre-series B funding round worth US$13.5 million, or equal to Rp202 billion. Telkomsel Mitra Inovasi (TMI) leads this investment round. Several investors, covering AC Ventures, AppWorks, Decart Ventures, Fubon Capital, Trihill Capital, OCBC NISP Ventura, Nakhla, and Capria Ventures also joined the round.
Securing the latest business capital, this agritech startup will allocate the fund to build a sustainable and profitable food supply chain ecosystem in Indonesia, expecting to deliver numerous endowments for Indonesia’s farmers and stakeholders involved.
The Founder and CEO of EdenFarm, David Setyadi Gunawan, stated, “EdenFarm is thrilled to team up with Telkomsel to add precision farming technologies and insights to our local farmers. Our range of products caters to all aspects of the agriculture industry, from farms to distribution, to bolster farmers to create sustainably and profitably for business,”
Through this injection, David is optimistic that the funding will allow this startup to continue expanding its presence in the archipelago and solidify the company’s position to lead the agriculture and food service sectors. For this reason, strengthening cooperation with Telkomsel will significantly benefit this platform.
Since its establishment in 2017, the company has achieved US$34.5 million, or approximately Rp517 billion, in its fourth funding round. The investment obtained will contribute to the company intensifying penetration to capture more farmer partners throughout the country and resolve the efficiency obstacles in the distribution process to reach food security through the technology exertion.
“We are excited to back the Edenfarm food ecosystem with funding and collaboration with Telkomsel Digital Food Ecosystem (DFE), which is one of Telkomsel’s initiatives to sustain the digitization in the agricultural sector and other synergies to propel the platform in securing long-term food needs in Indonesia,” voiced the CEO of Telkomsel Mitra Inovasi (TMI), Mia Melinda.
EdenFarm’s path to profitability
Focusing on the food service for the B2B segment, this agriculture technology startup aims to simplify the B2B food distribution chain in the country and fortify the food ecosystem to amend the farmers’ and food entrepreneurs’ welfare through accurate demand, training, and technological support.
“TMI believes in using ‘tech for god’ and assisting entrepreneurs and small businesses with high dedication and passion for making a positive impact on Indonesia’s economy has always been our focus. EdenFarm’s strong B2B food supply chain network from upstream to downstream empowers local farmers to gain better income and create a positive impact in rural areas,” Mia affirmed.
EdenFarm, hitherto, has served more than 50,000 customers of the B2B segments, consisting of the secondary market, hotel and catering sector, MSMEs in the culinary industry, and startup partners. In addition, EdenFarm has also operated at nearly 0% food waste and demonstrated a substantial and meaningful impact on the livelihoods of Indonesia’s farmers.
This startup has encountered almost 60 times growth in the last 40 months and has laid the foundation to remain profitable on its path. This accomplishment signifies the victorious status of EdenFarm as a market leader in agricultural technology companies. Welcoming 2023, this startup aims to augment its revenue in the next 12 months, along with 3.5 – 4 times growth YoY.
Backing this pre-series B round, the Founder and Managing Partner of AC Ventures, Adrian Li, admitted, “We are confident in EdenFarm’s business and are excited to bolster in this newest funding round. We are proud to catalyze to drive forward this startup mission of creating a more efficient and sustainable food ecosystem in the country. The impact Edenfarm is making is truly transformative, and we can’t wait to see more positive changes this team brings about in the industry.”
