Temasek-backed fish startup set to join Indonesia’s growing list of unicorns

INDONESIA’S eFishery is in advanced talks for a funding round that would boost its valuation to US$1.2 billion, defying a tumultuous period for tech startups globally.

The agritech startup, backed by investors including SoftBank Group and Temasek Holdings, is set to score about US$100 million in fresh funding, according to sources. The 42XFund, whose backers include Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s artificial intelligence firm G42, is in talks to lead the round, said the people, who asked not to be named as the matter is private.

Negotiations are ongoing and the size of the round could still change, sources said, adding that other investors could also emerge. The startup’s US$90 million Series C round in January last year valued it at over US$400 million.

A representative for eFishery declined to comment. A 42XFund official confirmed the fund’s plans to invest in the company, calling it an exciting investment opportunity, but declined to comment on the precise amount.

Launched in 2013 by co-founder and chief executive officer Gibran Huzaifah, eFishery has deployed thousands of feeders to serve more than 30,000 fish and shrimp farmers in Indonesia, according to the company’s statement last year. eFishery also provides farmers with access to financing.

The company is raising funds at a difficult time for tech startups – global venture funding in the fourth quarter of 2022 fell to the lowest level in more than two years, according to CB Insights. If the deal goes through, the startup is set to join Indonesia’s growing list of unicorns, or private companies valued at more than US$1 billion. Unicorns minted last year include fintech startup Kredivo. BLOOMBERG