Fishing industry startup FishLog raised funding in Pre-Series A extension round
FishLog, an Indonesian startup in the fishing industry, declared that it had successfully completed its Pre-Series A extension round of funding.
Participating in the round were BNI Ventures, Accel Partners, Insignia Ventures Partners, Saison Capital, and Mandiri Capital Indonesia. FishLog said in a statement that it has investments from Mandiri Capital and BNI Ventures.
In order to strengthen the FishLog cold chain ecosystem, the statement states that the funds raised will be used to empower and elevate stakeholders and fisheries businesses.
The US distribution of FishLog’s traceable fisheries products, which are backed by the company’s exclusive blockchain-powered innovations FishLog Trace and FishLog Smart Contract, will receive special attention.
Using a traceable sourcing system and offering high-quality insurance coverage, FishLog Trace is known for guaranteeing that seafood comes from ethical sources.
FishLog Smart Contract manages funding, improving openness, and promoting international confidence in the interim.
FishLog began operating in the US in 2023 and has since distributed more than 60,000 kg of seafood products.
The company assists over 60 domestic and foreign buyers in growing their companies by connecting them.
“The United States is one of the largest markets in the world. Based on data from the U.S. Department of Agriculture, U.S. seafood imports exceed exports by $20.3 billion in 2023,
“The latest data indicates that there is such a significant potential open for FishLog to strengthen its ecosystem in the United States,” said Bayu Mukti Anggara, Co-Founder, and Chief Executive Officer of FishLog.
As Indonesia imports goods to FishLog’s business-to-business (B2B) international buyers, he claims this can expedite the profitability of the company’s product distribution, including blue swimming crab, tuna, shrimp, and many more.
According to Prashanth Prakash of Accel Partners, Indonesia is undoubtedly becoming a major player in the world economy, particularly in its $30 billion potential fisheries sector.
“With a thriving export market and robust domestic consumption, the nation’s economic landscape is ripe with potential and we’re excited to partner with FishLog in making them an essential part of Indonesia’s growth story,” he added.
