Eden Farm closes US$19M Series A to supply food ingredients to HORECA, wet markets, e-commerce firms
Indonesia-based B2B agritech startup Eden Farm has closed a US$19 million Series A round of financing co-led by AppWorks and AC Ventures.
Trihill Capital, OCBC Ventures, Investible, Corin Capital, and existing investor Global Founders Capital joined the round.
“By the end of 2022, we plan to expand to 25 cities and eight regencies, supplying more than 100,000 customers with a 100 per cent fulfilment rate of more than 1,000 SKUs, to finance and generate demand,” said David Setyadi Gunawan, founder and CEO of Eden Farm.
Eden Farm was started in 2017 by Gunawan, Ramavito Mountaino (CFO), and Febrianto Gamal (COO) with a mission to build a complete food ecosystem both for farmers and B2B market.
It aims to simplify the supply chain to improve margins by reducing prices and cutting out middlemen, providing accurate demand forecasts for farmers by implementing digital acceleration and achieving production predictability.
Focusing on the B2B market, Eden Farm supplies high-quality food ingredients to HORECA, wet markets, traditional culinary and e-commerce firms. It serves more than 53,000 customers by working with over 2,000 farmers across Java, equipped with five fulfilment centres.
Eden Farm claims it has enabled farmers to increase their income by over 200 per cent while reducing food costs for customers by 30 per cent. As of September 2021, Eden Farm has 400 partners.
The Y Combinator-backed startup operates in 14 cities and three regencies across Java.
“In addition, we are securing a higher volume of strategic products through Eden Community Center (ECC), which enables us to penetrate the B2B market more aggressively to the central market. In parallel, we strive to optimise the food ecosystem for both farmers and culinary businesses through supply chain infrastructure development, market expansion, tech acceleration, and hiring new talent and building human capital,” he added.
According to the Central Bureau of Statistics, Indonesia is home to 33.4 million farmers, with the agriculture sector contributing 14 per cent of Indonesia’s GDP or US$140 billion in market size, growing.
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Image Credit: Eden Farm
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,Eden Farm closes US$19M Series A to supply food ingredients to HORECA, wet markets, e-commerce firms | e27
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