EFishery, co-founded by a former resident of a poor Jakarta neighborhood, became a rare Indonesian unicorn after raising $200 million in fresh funding.
The agritech startup’s value hit $1.4 billion after a Series D round led by Abu Dhabi’s 42XFund, more than tripling its previous value of $410 million in 2022, according to Chief Executive Officer Gibran Huzaifah. Malaysia’s state pension fund Kumpulan Wang Persaraan, ResponsAbility Investments AG and 500 Global also joined in the round, along with existing backers including Northstar Group, Temasek Holdings Pte and SoftBank Group Corp.
The company, which serves 70,000 fish and shrimp farmers in Indonesia, crossed the billion-dollar mark in a year when layoffs, CEO resignations and plummeting valuations in the tech sector have dominated headlines. Slowing economies, rising interest rates and higher levels of inflation have prompted venture investors globally to pull back.
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