The integrated farming productivity platform of Elevarm, an Indonesian startup, has raised $2.6 million in a seed funding round led by Singapore’s Insignia Ventures Partners. Other participants in the round included Gibran Huzaifah, the CEO and founder of eFishery, an aquaculture technology startup in Indonesia, and multi-stage venture capital firm 500 Global.
The company said in a statement that the strategic raise, which was carried out in two stages, will help Elevarm meet the growing demand from smallholder farmers by tripling its capacity to produce organic fertilizer and seedlings. It will also advance NextBio, Elevarm’s research and development (R&D) engine devoted to innovations in organic agricultural products.
Smallholder farmers frequently have to settle for inferior soil and seeds, which results in lower-quality yields. Large enterprise farms are the only ones with access to high-quality seedlings and fertiliser. According to Elevarm, it upends this paradigm by democratizing access to necessities for farming, eventually enhancing the standard of living for smallholder farmers.
Established in 2022, Elevarm provides a network of interrelated horticultural services and goods, enabling farmers to access safe and convenient financing, higher-quality inputs at a reasonable price, and a wider market. Febi Agil Ifdillah, Lintang Kusuma Pratiwi, and Bayu Syerli Rachmat co-founded Elevarm.
Elevarm has experienced strong year-over-year growth, with 2023 revenue up 7 times from the previous year. The company has a growing base of over 13,000 agricultural partners and more than 5,000 active farmers as customers.
“We see incredible value in uplifting our local smallholder farmers, the backbone that makes up half of Indonesia’s entire farming industry. Our mission is to democratise access to farming essentials that not only boost crop yields for them, but contribute to the circular economy in the long run, through our proprietary research, technology, and solutions,” says Bayu Syerli Rachmat, Co-founder and CEO of Elevarm.
Elevarm will be able to expand its greenhouse area by over three times its current size thanks to the additional funding. This enables them to produce high-quality seedlings at a higher capacity, which lowers the cost for smallholder farmers.
Following the commercial success of its exclusive organic fertilizer, Vermicomplus, Elevarm plans to invest heavily in NextBio, its internal research and development division, to create new products that will enhance soil health, biodiversity, and ecosystem resilience.
The new funding will also go toward building a new facility with cutting-edge manufacturing technology, increasing its ability to produce fertilizer and other goods, according to the company.
In order to provide deeptech horticulture solutions that are both affordable and customized to meet specific local challenges at various phases of the farming journey, Elevarm will also work with new research institutions and strategic partners.
