Agritech startup Beleaf Farms rakes in US$6.9 million in Series A round

AGRITECH startup Beleaf Farms has raised US$6.9 million in a Series A funding round led by early-stage venture capital firm Alpha JWC Ventures.

Openspace Ventures and several strategic angel investors also participated in the round, Beleaf said in a press statement on Tuesday (Aug 1).

The startup was founded in 2019 as a hydroponic brand before it expanded its offerings to include products grown through open-field farming.

The company also provides farming-as-a-service (FaaS) solutions to farms in West Java in Indonesia, using big data and the Internet of Things to localise precision farming. This is with the aim of improving yields and the quality of production for local farmers.

Its platform is able to monitor weather, seeding, planting activities, nutrition dosing, farm planning and harvesting. The data mined will then be used to improve farms through machine learning, as well as help in the research and development (R&D) of future agri-solutions.

Beleaf said its products are available across 180 retail outlets in Greater Jakarta, eight online channels, and a range of restaurants. They are also accessible in four countries, including Singapore, with plans to expand to six more countries by the end of 2024.

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It plans to use the Series A funding to expand its farming network to new areas such as Bali, Medan and Lembang, where it will set up R&D farms as a base to launch its FaaS network across Indonesia.

The funds will also be used to “double down” on the startup’s supply chain and commercial divisions to boost operating efficiency. It also plans to expand its sales to new countries.