DBS Bank Indonesia has granted eFishery, an Indonesian business, a $32 million loan. This is the first credit agreement between eFishery and DBS Indonesia for the aquatech industry.
The money would promote eFishery’s business development and boost its quality and productivity, according to a statement from DBS Indonesia banking director Kunardy Lie. With the increased money, it further intends to more effectively link its farmers to global markets.
The future productivity and breadth of eFishery are expected to expand by 300%. Gibran Huzaifah, the co-founder and CEO of the Bandung-based business, stated that it intends to offer its goods and services internationally.
The aquatech business raised $90 million in January as part of a series C fundraising round that was jointly led by Temasek, SoftBank, and Sequoia Capital India. It represented the largest venture capital funding for a fledgling aquaculture company ever at the time.
Since its founding in 2013, eFishery has secured US $140 million in finance, including the present credit arrangement.
The fish and shrimp farming sectors are the target market for eFishery’s intelligent feeding technology.
