Indonesian agritech startup secures US$6m in pre-Series A round led by Go-Ventures

INDONESIAN-BASED agritech startup Agriaku has raised US$6 million in a pre-Series A funding round led by Go-Ventures, a venture capital fund that has GoTo as its cornerstone investor.

In a statement on Thursday (Mar 3), Agriaku said additional investors who joined the funding round include MDI Arise, MDI Centauri, Mercy Corps Social Venture Fund and several angel investors.

Founded in May 2021, Agriaku offers a business-to-business marketplace platform to facilitate agribusiness activities. Farming supplies, such as seeds, fertilisers and agrochemicals are sourced from suppliers and sold to retailers, typically a local village shop, which distributes them to small farmers across Indonesia.

To date, the platform has over 10,000 registered retailers.

It allows farmers and retailers to access options with transparent pricing and provides suppliers with book keeping and inventory management tools, said Irvan Kolonas, president and co-founder of Agriaku.

With the fresh funds, Agriaku plans to increase its market penetration in Indonesia, expand its team and improve its product offerings.

"This will allow us to become an integrated, full-stack digital agriculture platform, addressing inefficiencies across Indonesia's agricultural value chain," said Danny Handoko, Agriaku's co-founder and chief executive officer.

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