- Led by TMI, Telkomsel’s investment arm, alongside AC Ventures, Capria Ventures, AppWorks, among other investors.
- Capria, a leading Global South venture capital investor, makes its second investment in Indonesia with EdenFarm following its recent investment in Alami. This also marks the firm’s second investment in the agri-tech sector after its commitment to Agrofy, a leading agriculture online marketplace in Latin America.
Seattle, January 30th: Indonesia’s largest agritech platform EdenFarm has raised USD13.5 million in its latest pre-series B round. The round was led by TMI Ventures (Telkomsel’s investment arm) with participation from AppWorks, AC Ventures and Capria Ventures, among other investors. Funds raised will be used to substantially increase EdenFarm’s reach across the country, better the customer experience and scale technology. With this round, the total capital raised till date amounts to USD 34.5 million.
Founded in 2017 by David Setyadi Gunawan along with his college friends Ramavito Mountaino and Febrianto Gamal, EdenFarm is a B2B food service platform that provides fresh produce from farmers to restaurants, caterers, street vendors and startup partners in Indonesia. It collects, selects and re-distributes fresh produce purchased from farmers, reducing the inefficiencies of other middlemen to offer cheaper prices, better margins, consistent quality and efficient last-mile delivery to customers. With over 5,500 farmer partners, and 50,000 B2B customers in 5 years, EdenFarm currently has 3 fulfillment centers and 10 Eden Collection Facilities (ECFs) across Java to fulfill the island’s demand.
EdenFarm has seen almost 60X growth in the last 40 months and has laid the foundation to remain profitable on its path, leading amongst other players which are suffering big losses.”
“It signifies a victorious status of EdenFarm as a market leader in agritech. We aim to widen the profit in the next 12 months along with 3.5-4X growth on a YoY basis. From there, it will pursue new markets,” David Setyadi Gunawan, Founder and CEO EdenFarm said. “We are pleased to once again have Capria’s support in this pre-series B round. We have been partnering with Capria since the previous round, and it opens up a great opportunity for EdenFarm to expose our business to a larger network allowing us to grow and optimize our potential to become a leader in the B2B food service sector,” he added.
EdenFarm has risen through the pandemic to become the leader with strong unit economics in Indonesia facilitating B2B agriculture products from farmer procurement through to supplying small businesses while only yet starting to scratch the surface of the massive opportunity” said Dave Richards, Co-Founder and Managing Partner, Capria Ventures.
“EdenFarm stands out as a frontrunner in creating more opportunities for small farmers to improve their crop selection and growing techniques in order to deliver a higher volume and quality of harvest output and access to buyers. This results in increased earnings and sustainability for farmers and SME buyers – it’s a win-win-win!” Dave further adds, “As a global south investor, Capria aims to drive transformational change to build resilient businesses, back innovative and sustainable solutions at scale across emerging markets.”
Adrian Li, Founder and Managing Partner at AC Ventures, said, “Strongly aligned with our firm’s ESG-focused investment philosophy, EdenFarm is operating at nearly 0% food waste and delivering a robust and meaningful impact to the livelihoods of Indonesia’s farmers. The startup is revolutionizing the country’s B2B food supply chain by addressing some of the most pressing challenges faced by producers and sellers. We at AC Ventures are confident in EdenFarm’s business and are excited to participate in its latest funding round.”
About Capria Ventures:
Capria is the leading venture fund and network investing in extraordinary tech startups of the Global South. Capria helps activate strong relationships between hundreds of founders and leading local VC firms in the tech-hubs of the Global South – from Sao Paulo to Lagos to Bangalore to Jakarta. Capria brings state of the art venture capital innovation combined with global best practices of impact and ESG management to select and manage its portfolio of market-leading companies serving the fastest growing economies of the world. Capria’s network of investing partners collectively manage assets more than USD 1B, deployed in the best startups in their regions. Capria has offices in Seattle, Bangalore, Nairobi and Washington DC. More at: http://capria.vc
EdenFarm is a pioneer in B2B food-service focused startups in Indonesia, whose mission is to build an efficient food ecosystem for farmers and food & culinary business. Leveraging technology to empower local farmers and create a positive impact in rural areas, EdenFarm aims to simplify food supply chains and, at the same time, helps to improve farmers’ welfare through accurate demand consistency and various training. Supported by local and global investors, EdenFarm now operates in 14 cities and districts throughout Java and continues to serve over 50,000 B2B customers throughout the island. EdenFarm’s user-friendly mobile app is available on the AppStore and Google Play. More at: www.edenfarm.id