Indonesia agritech startup Semaai raises US$4.7 million in pre-Series A round

INDONESIAN agritech startup Semaai has raised US$4.7 million via a mix of equity and debt financing in a pre-Series A round, bringing its total funding to US$7.6 million.

Tokyo-based venture capital firm CyberAgent Capital led the round, with participation from new investors Sumitomo Corporation Equity Asia, Ruvento, MyAsiaVC and Heracles Ventures, said the startup on Monday (Jan 8).

Semaai’s existing investors, Peak XV’s scale-up programme Surge, Accion Venture Lab and Beenext, also took part in the round.

“Semaai plans to deploy the new funds to expand its agronomy advisory service to agri-retailers and farmers, collaborate with fintech institutions to provide advanced fintech solutions and strengthen its presence in Central Java,” said the startup, adding that it aims to cover 75 per cent of the villages in the region by the end of 2024.

Founded in 2021, Semaai focuses on providing agritech solutions to help farmers and small rural enterprises to maximise their earnings.

Muhammad Yoga Anindito, co-founder and chief executive officer of Semaai, said collaborations with fintech companies serve to address disruptions in the supply chain and narrow information gaps for Indonesia’s agri-retailers and smallholder farmers.

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Kevin Wijaya, director of CyberAgent Capital Indonesia, added: “ We are confident that Semaai will revolutionise the Indonesian agricultural sector through its offline-to-online approach, especially within the agricultural input material supply chain.”