AC Ventures doubles down on Indonesia's EdenFarm in latest US$13.5mil deal

• Seven other firms participated in this funding round
• Funds will used to deepen penetration across Indonesia, improve customer experience

EdenFarm, a food service-focused startup based in Indonesia, has secured US$13.5mil (RM57.3 million) in its latest Pre-Series B bridge round led by Telkomsel venture arm – TMI, AppWorks and AC Ventures. Decart Ventures, Fubon Capital, Trihill Capital, OCBC NISP Ventura, Nakhla and Capria Ventures also participated in this round.

In a statement, venture capital firm, AC Ventures said EdenFarm aims to build a food supply chain ecosystem in Indonesia that is profitable and sustainable for farmers and all stakeholders. 

It said the startup has to date raised US$34.5million (RM146.5 million) from four significant funding rounds since its establishment in 2017. 

This latest funding will deepen EdenFarm’s penetration across key farming partners in Indonesia, improving customer experience with tech-based solutions for the country’s most pressing food security and efficiency problems, it added.

Founder and chief executive officer (CEO), EdenFarm's, David Setyadi Gunawan said the startup is thrilled to team up with Telkomsel to add precision farming technologies and insights to our local farmers. 

“Our range of products caters to all aspects of the agriculture industry, from farms to distribution, to help farmers create sustainable and profitable businesses,” he added. 

“The recent funding will allow us to grow our presence in Indonesia and solidify our position as a leading player in the agriculture and food service sectors,” Gunawan said, adding that this partnership with Telkomsel will significantly benefit its platform.

He claimed that EdenFarm has seen almost 60X growth in the last 40 months and has laid the foundation to remain profitable on its path, leading amongst other players who are suffering big losses. 

“This signifies the victorious status of EdenFarm as a market leader in agri-tech and we aim to widen the profit in the next 12 months, along with 3.5-4X growth on a year-on-year basis,” he added.

From there, we will pursue new markets”, he said.

Meanwhile, CEO of Telkomsel Mitra Inovasi (TMI), Mia Melinda said, the company believes in the important use of "tech for good", and helping entrepreneurs and small businesses with high dedication and passion for making a positive impact for Indonesia's economy has always been our focus. 

“EdenFarm's strong B2B food supply chain network from upstream to downstream empowers local farmers to gain better income and create a positive impact in rural areas,” she added. 

“Hence, we are excited to back the EdenFarm food ecosystem with funding and collaboration with Telkomsel Digital Food Ecosystem (DFE), which is one of Telkomsel's initiatives to support the digitisation in the agricultural sector, and other synergies to propel EdenFarm’s platform throughout Indonesia to secure long-term food needs,” Melinda said.

Adrian Li, founder and managing partner at AC Ventures, said, strongly aligned with our firm's ESG-focused investment philosophy, EdenFarm is operating at nearly 0% food waste and delivering a robust and meaningful impact to the livelihoods of Indonesia's farmers. 

“The startup is revolutionising the country's B2B food supply chain by addressing some of the most pressing challenges both producers and sellers face,” he added. 

“We at AC Ventures are confident in EdenFarm's business and are excited to participate in its latest funding round,” Li said. 

He added that the firm is proud to serve as a catalyst to drive forward EdenFarm's mission of building a more efficient and sustainable food ecosystem in Indonesia. 

“The impact EdenFarm is making is truly transformative, and we can't wait to see more positive changes this team brings about in the industry," he said.

EdenFarm, a food-service-focused startup pioneer with a focus on B2B customers, started the business in 2017 with a vision to simplify Indonesia's B2B food supply chain and empower the food ecosystem to improve the welfare of farmers, food and culinary business actors through accurate demand consistency, various training, and technological support. 

The startup claims to have served more than 50,000 customers in the B2B segment, ranging from the secondary market, culinary SMEs, and HORECA to startup partners.