Get in the Ring Global Startup Competition 2014 winner eFishery secures $32M non-dilutive loan from DBS Bank Indonesia
In October 2022, eFishery announced that they had secured a $32 million USD loan from DBS Bank Indonesia. With this non-dilutive funding, eFishery hopes to increase its production and scope by 300% going forward, already serving over 30,000 farmers across Indonesia. Their co-founder and CEO, Gibran Huzaifah, said the Bandung-based company plans to expand its products and services to international markets: to 10 countries within five years. India will be its first expansion target, with China and Vietnam next. With this loan deal, eFishery has banked a total of US$140 million in funding to date.
Less than a year ago, in January 2022, eFishery announced that they had completed a landmark Series C funding round of $90 million USD – the largest cap raise by an aquaculture technology startup ever. This round of investment was co-led by Temasek, SoftBank Vision Fund 2, and Sequoia Capital India, with participation from existing investors including the Northstar Group, Go-Ventures, Aqua-Spark, and Wavemaker Partners.
After being crowned as the winner of the Get in the Ring Global Startup Competition in 2014, eFishery captured the fish farming market in Indonesia. They offer a smart feeding solution for aquaculture farmers to provide an accurate dosage of feed for their fish or shrimps based on recorded data. They have recently diversified into fishery supplies (eFishery Fresh), fish and shrimp feed (eFishery Feed) and disbursing loans to aquaculture farmers (eFishery Fund).
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eFishery dominated their weight class in their Get in the Ring national finals in Surabaya, Indonesia in 2013. This cleared their path to the regional finals and finally to the Global Meetup 2014 in Rotterdam, where they were the overwhelming audience and jury member favorite, earning the title of Winner.
Over the years, eFishery’s Founder, Gibran Huzaifah has been a close ally of Get in the Ring, even appearing on the Unknown Stories podcast for a special episode in October 2020.
To check out the full episode of Gibran’s eFishery story and his entrepreneurial journey, click here.
