Indonesia “sea-to-table” platform Aruna hooks $35M led by Prosus and East Ventures Growth Fund – TechCrunch

when ArnaThe founder of was first met at the university. They wanted to use information technology research to find ways to help families in small fisheries. Indonesia is one of the largest producers of fisheries in the world, but the industry is very fragmented. This means that fisheries, especially small ones, deal with fluctuations in demand and price volatility. Aruna was created to bring you closer to customers such as restaurants and exporters. Farm-to-table startup We are consolidating the agricultural supply chain.

Aruna announced today that it has raised $ 35 million in Series A funding led by Prosus Ventures and the East Ventures Growth Fund with the participation of repeaters such as SIG and AC Ventures, MDI and Vertex Ventures. Aruna states that this is Indonesia’s largest series A investment to date in the agricultural and maritime sector.

The company mainly works with small fisheries (or fisheries that own boats with a capacity of about 1-2 metric tons), with a focus on sustainability and suppliers. United Nations Goal 14 Goals. These include preventing overfishing, protecting coastal ecosystems, and providing access to more resources and markets for small-scale fisheries.

Aruna was founded in 2016 by Farid Naufal Aslam, Indraka Fadhlillah and Utari Octavianty, whom he met while studying the management and management of information technology at Telkom University. Fadhlillah and Octavianty come from a fishing family and they wanted to create something that would solve some of the challenges they faced.

“This was the main idea, but the big thing we saw at the time was the advantage of Indonesia’s position as a large agricultural country with great potential in the seafood industry,” Aslam told TechCrunch. It was.

by World Bank, Indonesia is the world’s second largest producer of fisheries. The sector generates approximately $ 4.1 billion in annual export revenues and supports more than 7 million jobs.

However, Aruna’s founding team noticed two major issues while analyzing the coastal community. The first was access to the market and the acquisition of reasonable prices for seafood. The second was access to working capital.

To solve the first problem, Aruna was built to shorten the supply chain. Aslam said it can have 6 or 7 layers between the fishery and buyers such as restaurants, markets and exporters.

Buyers create a purchase order through the platform, which is distributed to the fishing community organized by Aruna to focus on a particular type of seafood. This helps them forecast demand, guarantee return businesses and prevent overfishing.

Aruna has also built a logistics network that includes more than 45 collection sites or warehouses where seafood is delivered by fisheries for quality checks, processing and packaging. Aruna’s warehouse is a combination of facilities owned or operated by Aruna with a partner. Delivery is performed by a third party logistics provider.

The platform currently has about 20 product categories and will be used to expand further. Its products include high value products such as Lobster, which are shipped by exporters to markets such as Malaysia, Singapore, China, Taiwan, Hong Kong, Canada and the United States.

One of Aruna’s main requirements for fishing on the platform is to stick to its sustainability process. According to the World Bank, one of the biggest problems facing Indonesian fishing is overfishing, which undermines marine biodiversity. Members of the Aruna team work with the fishery to standardize equipment, comply with government regulations, and choose locations that are not overfished.

By focusing on several types of seafood each, the fishery that works with Aruna can ensure product quality and traceability and control price fluctuations.

The second problem Arna is addressing is the lack of access to working capital. Aruna has partnered with financial institutions and fintech companies to help the fisheries get what they need for low-interest, unsecured equipment and other businesses. When the Aruna fishery applies for a loan, the platform can provide the transaction data collected by the platform for credit scoring.

The company also announced today that it has appointed Budiman Goh as president and Octavianty as chief sustainability officer. The funds will be used to expand into new areas in Indonesia and employ data analysis and technology development, including IoT devices to assist in performing quality checks.

Arna will focus on Indonesia in the near future as there are many fisheries in Indonesia.

“Currently, the platform has 21,000 fishermen, but Indonesia has about 2.7 million fishermen, so there is plenty of room for growth,” said Aslam.

Sachin Bhanot, Head of Southeast Asia Investment at Prosus Ventures, said in a statement: We provide products while supporting the lives of local fishermen. “

Indonesia “sea-to-table” platform Aruna hooks $35M led by Prosus and East Ventures Growth Fund – TechCrunch Source link Indonesia “sea-to-table” platform Aruna hooks $35M led by Prosus and East Ventures Growth Fund – TechCrunch

Related Articles

Back to top button