Indonesian B2B agritech startup Eden Farm raises USD 19 million to empower local farmers
Summary
Eden Farm raised USD 19 million in a Series A round led by AppWorks and AC Ventures, the company said on Monday. Eden Farm simplifies the food supply chain by replacing the middleman to provide better margins and pricing for both farmers and buyers. Eden Farm claimed that the income of farmers in its ecosystem has more than tripled after joining the platform, and said it is able to reduce costs for customers by 30%. “By the end of 2022, we plan to expand to 25 cities and eight regencies, supplying more than 100,000 customers with a 100% fulfillment rate of more than 1,000 stock-keeping units,” said co-founder and CEO David Setyadi Gunawan in a statement. The startup plans to use the fresh investment to strengthen its supply chain infrastructure and tech capabilities, as well as fund its market expansion and recruit more team members, Gunawan added.