eFishery secures US$32M loan from DBS Indonesia to support expansion move

Indonesia-based aquaculture startup eFishery today announced that it had secured an IDR500 billion (US$32 million) loan from DBS Bank Indonesia, marking the bank’s first funding for the aquatech sector and the startup’s first loan deal, Tech In Asia wrote.

This funding followed a US$90 million series C funding round co-led by Temasek, SoftBank, and Sequoia Capital India that eFishery announced earlier this year.

The funding will support the expansion of eFishery’s business and improve its quality and productivity, to increase its production and scope by 300 per cent going forward.

Also Read: Founders of Fabelio, Gadjian, and eFishery reveal their top productivity hacks to start the day

The startup also hopes to connect its farmers to international markets with the support of the new capital, in addition to expanding its services and products globally.

Founded in 2013, eFishery has banked a total of US$140 million in funding to date. This number also included the current loan deal.

The Bandung-based startup held the record of the largest-ever VC financing for an aquaculture startup globally with its Series C funding round in January.

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Image Credit: eFishery

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