EFishery, an Indonesian agritech startup co-founded by Gibran Huzaifah, a former resident of a poor Jakarta neighborhood, has achieved unicorn status after securing $200 million in fresh funding. The funding round, led by Abu Dhabi’s 42XFund, propelled EFishery’s valuation to $1.4 billion, more than tripling its 2022 value of $410 million.
The company, serving 70,000 fish and shrimp farmers in Indonesia, has defied the trend of lay-offs and plummeting valuations in the tech sector, marking a rare success story amid global economic challenges. Despite economic slowdowns, rising interest rates, and inflation concerns, EFishery plans to utilize the funds to expand its operations in Indonesia and India before considering an initial public offering (IPO) in the US or Indonesia within the next two years.
Gibran Huzaifah, the 33-year-old CEO, envisions EFishery as a global leader in the next five years and contemplates an IPO, stating, “The earliest would be in 2025.” Emphasizing the significance of aquaculture for food security, Huzaifah aims to leverage the company’s growth to contribute to this rapidly expanding business sector efficiently.
Huzaifah’s journey to success is rooted in overcoming personal challenges. Growing up near slums in Jakarta, he faced financial hardships when his father lost his job. Despite adversity, Huzaifah’s passion for aquaculture led him to start farming catfish in rented ponds. Recognizing the industry’s challenges, he innovatively developed an automatic feeder using Internet-of-Things technology to address feeding inefficiencies.
In 2013, he founded EFishery, which has evolved into a comprehensive platform, incorporating a marketplace for fish and shrimp farmers and buyers. The company also collaborates with financial institutions to provide financing to farmers. Following the latest funding round, which included participation from state pension fund Kumpulan Wang Persaraan, ResponsAbility Investments AG, and 500 Global, along with existing backers, Huzaifah and his co-founder’s stakes are now valued at more than $100 million each.
Reflecting on his journey, Huzaifah acknowledges that while his life hasn’t changed significantly, the success of EFishery brings a sense of security, stating, “It feels good because I don’t need to worry about the financial troubles I had growing up.”
