undercover.co.id/ – The start-up in the agricultural sector, Eden Farm, managed to secure Series A funding of US$ 19 million or equivalent to Rp 270.5 billion (exchange rate of Rp 14,239 per US$). It is planned that the capital obtained from Trihill Capital, OCBC Ventures, Investible, Corin Capital, and Global Founders Capital will be used to empower local farmers.
Eden Farm Co-founder and Chief Executive Officer (CEO) David Setyadi Gunawan said the injection of funds would be allocated to connect local farmers with buyers such as hotels, restaurants, cafes, wet markets, and other big businesses. He wants to work on simplifying the food supply chain by replacing middlemen to provide better margins and prices for farmers and buyers.
“By the end of 2022, we plan to expand our reach in 25 cities and eight districts, supplying more than 100 thousand customers with a 100% fulfillment rate of more than 1,000 storage units,” he said.
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The startup, which was founded in 2017, is a Business to business (B2B) e-commerce platform that has worked with more than 2,000 farmers in Java and served more than 53,000 customers.
David claims the income of farmers in his ecosystem has more than tripled after joining the Eden Farm platform. This platform he claims is able to reduce customer costs by up to 30%. “We plan to use the new investment to strengthen our supply chain infrastructure and technology capabilities. Including funding market expansion and recruiting more team members,” he said.