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eFishery

eFishery is an Indonesia aquaculture intelligence company headquartered in Bandung, Indonesia. eFishery was first established in Indonesia in 2013 as a producer for an auto-feeder device called eFisheryFeeder. Today, in addition to eFisheryFeeder, the company has three other products named eFisheryFeed, eFisheryFund, and eFisheryFresh. eFishery has won financial backing from investors including Aquaspark, Wavemaker Partner, Northstar, and Go-Ventures.

History



eFishery was co-founded by Gibran Huzaifah and Chrisna Aditya, both are native Indonesian. Gibran's first encounter with the aquaculture world started when he was a college student in Bandung Institute of Technology. Majored in Biology, he took an Aquaculture course as part of his credits. One memorable thing that his aquaculture professor said was “in the next 5-10 years, catfish would be the next big thing, it’s your call whether or not you’re taking a part of it”.

Being financially unfortunate, Gibran constantly struggled to make ends meet, and this time he tried his luck and started his own fish farming business. He rented five ponds and started catfish farming without any knowledge on how to do fish farming and fully self-taught to succeed in this endeavor. During his period as a fish farmer, he came to realize that the feeding management has been the major hurdle in fish farming. It accounts for more than 80 percent of the total production cost, yet the traditional hand-feeding method is highly ineffective and inefficient and it terribly hurts the profits. Moreover, the nutrient runoff from the overfeeding has impacted the water body, resulting in serious water pollution.

Aimed at solving those issues, Gibran came up with an idea to create a device that is able to automatically release the feed according to the schedule set up by the farmers. That was when he met Chrisna, an electrical engineering student in Bandung Institute of Technology. Chrisna, who owned a software house and turned out to share the same interest in wanting to improve the livelihood of farmers in Indonesia, was the perfect partner for Gibran. Both then started what is now known as eFishery. At the beginning of their venture, they recruited vocational high school students to help them build the prototypes.

Products

eFishery has a single core vision to bring aquaculture as the primary source of animal protein in the world. They aim to disrupt the $9.4 billion-valued untapped of Indonesian aquaculture market. They carry out three missions, To feed the world through aquaculture To solve fundamental problems using radically affordable technology To reduce inequality with a truly inclusive digital economy They strive to achieve that through their four key products:

1) eFisheryFeeder – A smart pond-side device that automates feeding, while improving fish health and yield. The device consists of:

a) A feeder that automatically releases feed;

b) A mobile app, where a farmer can input fish/shrimp type, feed quantity and pellet size, feeding frequency and feeding schedule; and

c) An optional smart sensor, which is placed within the pond to detect vibrations.

The eFisheryFeeder provides feed at the right dose and time, while the smart sensor detects hunger levels based on fish movement. This ensures no overfeeding, which is a significant problem for many fish farms, resulting in both wasted feed and potentially contaminated water. Real-time data is hosted on a cloud-based dashboard, so farmers can verify remotely that their fish are being fed optimally. eFisheryFeeders are available on lease, ensuring affordability. More than ten thousand ponds in Indonesia are currently supported by the eFisheryFeeder.

2) eFisheryFeed – Feed represents approximately 80% of production costs. To help farmers manage their costs, eFishery works with various brands of fish and shrimp feeds to ensure easier distribution of feed and competitive prices.

3) eFisheryFund – Access to financing is a major hurdle for many farmers. eFisheryFund links fish farmers directly with financial institutions to increase farmer’s access to funds. A key component of eFisheryFund is eFisheryKabayan (‘Kasih Bayar Nanti’, translates to ‘Pay Later’), an online platform that provides fish farmers with funding that can be used to purchase eFishery products. Farmers apply for loans via the digital platform. eFishery has built up an ecosystem which allows them to gather and submit data for pre-approval to financial institutions partners. Upon confirmation, financial partners then disburse the credit line which farmers can use to purchase eFishery products through the platform. To date, hundreds of farmers have been supported by eFisheryFund.

4) eFisheryFresh – As farmers succeed in increasing their yield, they need a market to sell their produce. eFisheryFresh is an online platform that connects farmers directly to buyers (merchants and end consumers), bridging the supply chain. This improves pricing transparency and visibility of demand, resulting in increased income for farmers and cost-savings for buyers. Buyers also benefit from access to high quality, fresh produce. Data generated from the eFisheryFeeder allows farmers to predict their future yield volume. With improved estimates of future supply, merchants can pre-order through eFisheryFresh to ensure they can meet the demands of their customers. Currently, hundreds of fish farmers are supported with this product; and more than 2,000 B2B buyers are transacting through the platform.

Financing

eFishery is one of the companies that succeeded with bootstrapping. In their early years, the company was also funded by the grants acquired through national and international competitions, such as Wirausaha Muda Mandiri (WMM).

In 2015 eFishery successfully bagged an undisclosed amount of funding in a Pre-Series A round led by Aquaspark, a Netherlands based aquaculture investment fund, and Indonesian venture capital firm Ideosource. The company proceeded to raise a US$4 million Series A funding in 2018, backed by a series of global investors including Aquaspark, Wavemaker Partners, Maloekoe Ventures, Triputra Group, Unreasonable Capital, and other institutional investors. In 2020, eFishery closed its Series B round, co-led by Go-Ventures and the Northstar Group, together with existing investors including Aqua-Spark and Wavemaker Partners, for an undisclosed amount.

Partnerships

In 2020, it announced a collaboration with ALAMI Sharia to provide funding for SMEs amidst the Covid-19 pandemic. In the same year, following its closing on Series B round, eFishery announced a partnership with Investree to disburse 30 Billion Rupiah in financing for fish farmers across Indonesia. In the following couple of months, eFishery announced they teamed up with Baba Rafi, an Indonesian leading food franchise company, to digitize shrimp farming franchises.

Work Culture

Value

There are eight values carried out by each employee (called eFisherian) and served as a guidance for their daily work at eFishery. Entrepreneurial mindset Farmers first Impactful results Speed in execution Honesty and integrity Effective and efficient communication Rapid growth and innovation Your action matters

Employee

eFishery has more than 400 employees, including field coordinator and technical sales support team in more than 180 cities across Indonesia.

Workplace

The headquarters in Bandung revamped a previous cafe into a modern working space with a direct view of Bandung City from the highlands. The office has a lot of open space with many ventilation, enabling them to get a plentiful amount of light without utilizing too much electrical light, and a lot of fresh and cool air without utilizing aircon.