Heaptalk, Jakarta — Indonesia’s fisheries startup, FishLog, has closed its Pre-Series A extension round funding from multiple strategic investment firms, including Mandiri Capital Indonesia, BNI Ventures, Accel Partners, Insignia Ventures Partners, and Saison Capital.
The funds raised enable this startup to elevate fisheries’ businesses and stakeholders and amplify its cold chain ecosystem. A particular focus will be the United States (US) distribution of FishLog’s traceable fisheries products, supported by the startup’s proprietary innovations: FishLog Trace and FishLog Smart Contract, powered by blockchain technology.
“With the growth of our business in the US, we are working to make the fisheries industry more globally competitive here in Indonesia. FishLog has built technology solutions to connect cold storage facilities across the country to increase the fisheries supply chain’s transparency, stability, and maturity,” affirmed Abdul Halim, Co-Founder and COO of FishLog.
The company claimed that its trace technology guarantees that seafood comes from responsible sources, leveraging a traceable sourcing system and providing quality insurance coverage. Meanwhile, FishLog Smart Contract handles financing, enhances transparency, and fosters global trust.
“Through this investment, we aim to increase transactional activities by integrating BNI transactional services, products, and networks into the FishLog ecosystem. Strengthening the global competitiveness of SMEs can be achieved through partnerships with large companies to boost economic independence. With this cooperation, fisheries SMEs face accelerated financial inclusion and literacy, leading to improved welfare,” CEO of BNI ventures, Eddi Danusaputro, said.
An excellent milestone in fostering sustainability
FishLog has made significant strides, achieving a 40% increase in cold storage productivity through sustainable supply and technology and managing over 4,000 tons of seafood inventory monthly. Furthermore, this fishery startup has positively impacted over 100 suppliers and empowered over 800 workers, 38% of whom were women.
As a part of its sustainability initiative, FishLog startup has recently closed a USD 100,000 grant to the United Nations Development Program (UNDP) and the Ministry of Finance of the Republic of Indonesia. This achievement enhances the financial literacy of fisheries families, provides character education for fishermen’s children, and supports mangrove planting for global carbon tracking in the fisheries industry.
In 2023, the startup operated in the US, distributing over 60,000 kg of seafood products. FishLog connects over 60 domestic and international buyers and helps them expand their businesses. The startup has also channeled around US$950,000 to empower export fisheries business partners.
“FishLog has been a standout candidate since our Indonesia Impact Fund, representing the type of impactful startup that resonates with our mission to support SDGs in the archipelago. With its remarkable capacity to empower fishermen and uplift their livelihoods, FishLog can seamlessly integrate into the Mandiri Group ecosystem. Additionally, their status as a finalist in the Zenith Accelerator emphasizes their potential and innovation in the industry,” CEO of Mandiri Capital Indonesia, Ronald Simorangkir, said.
