Efishery, a leading Indonesian aquaculture technology company, has recently secured a $30 million green and social loan from HSBC Indonesia. This significant financial boost is aimed at accelerating the utilization of Efishery's automatic feeding product, eFeeder, among small-holder farmers. The funding marks a pivotal moment in Efishery's mission to revolutionize the aquaculture industry through sustainable and inclusive technological advancements.
HSBC Indonesia, acting as the Sustainable Finance Coordinator, has provided Efishery with a $30 million loan specifically structured to support the company's environmental, social, and governance (ESG) initiatives. This partnership underscores HSBC Indonesia's commitment to promoting sustainable finance practices in emerging markets.
Founded in 2013, Efishery has grown into one of Indonesia's largest digital cooperatives for fish and shrimp farmers. The company's core mission is to address food security, overcome challenges in the aquaculture industry, and reduce social and economic inequality through an inclusive digital economy.
Efishery’s flagship product, the eFeeder, is an IoT-based automatic fish feeder designed to optimize feeding times and quantities. This technology significantly reduces feed costs and accelerates the crop cycle by up to 74 days, leading to increased productivity and sustainability. The eFeeder provides precise control over feeding schedules and amounts, reducing feed waste and improving fish growth rates, while minimizing environmental impact through optimized feeding practices.
Efishery aims to expand its reach, targeting to engage over one million aquaculture ponds across Indonesia by 2025. The company also seeks to increase transactions of fish feed and fresh fish on its platform, enhancing the overall productivity and profitability of its farming community. Furthermore, Efishery aspires to export traceable, chemical-free, and antibiotic-free shrimp to global markets.
In addition to the recent $30 million loan, Efishery has been making significant strides in its technological capabilities and market reach. Three months ago, the company acquired AI-powered IoT startup DycodeX to bolster its AI initiatives, leading to the launch of the upcoming brand, eFishery.ai. Moreover, in July, Efishery secured $200 million in its Series D funding round led by 42XFund, with participation from notable investors like Kumpulan Wang Persaraan (KWAP), responsAbility, 500 Global, Northstar, Temasek, and SoftBank. Additionally, Efishery secured a $32 million loan from DBS Bank Indonesia in October 2022, further solidifying its financial foundation for growth.
Efishery's recent $30 million loan from HSBC Indonesia marks a significant milestone in its journey to transform the aquaculture industry. By leveraging advanced technology and fostering sustainable practices, Efishery is set to empower small-holder farmers, boost productivity, and promote environmental stewardship. With ambitious expansion plans and solid financial backing, Efishery is well-positioned to lead the future of sustainable aquaculture in Indonesia and beyond.
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