Indonesia agritech startup Elevarm bags US$2.6 million in seed round led by Insignia
The new funding will enable it to scale its greenhouse space to more than triple its current size
UPSTREAM-FOCUSED agritech Elevarm has secured US$2.6 million in a seed funding round led by early-stage investor Insignia Ventures Partners.
Multi-stage venture capital firm 500 Global and Gibran Huzaifah, chief executive officer and founder of Asia’s first aquaculture technology startup eFishery, also participated in the round.
“The strategic raise was completed in two phases and will go towards scaling Elevarm’s seedlings and organic fertiliser production capacity threefold to meet growing demand from smallholder farmers, as well as advancing NextBio, Elevarm’s research and development (R&D) engine dedicated to organic agricultural product innovations,” said the Indonesia-based agritech on Wednesday (May 8).
It added that the new funding will enable it to scale its greenhouse space to more than treble its current size, increasing production capacity for high-quality seedlings. This would make seedings more affordable for smallholder farmers.
Founded in 2022, Elevarm offers a platform of interconnected horticultural services and products. It aims to help farmers with farming productivity, market reach, as well as financing.
On top of furthering R&D investment, the startup will also use the fresh capital to build a new factory equipped with advanced manufacturing technology to expand its capacity for fertiliser production.
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Additionally, Elevarm said it will collaborate with new research institutions and strategic partners to engineer affordable, deeptech horticulture solutions tailored to local challenges.
Bayu Syerli Rachmat, co-founder and CEO of Elevarm, highlighted that it is important to uplift Indonesia’s local smallholder farmers, who make up half of the country’s farming industry.
“Our mission is to democratise access to farming essentials that not only boost crop yields for them, but contribute to the circular economy in the long run, through our proprietary research, technology and solutions,” he said.
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