Indonesia's food services-focused startup EdenFarm has raised US$13.5 million (S$18 million) in a pre-series B bridge round.
The round was led by Indonesian telco, Telkomsel’s corporate venture arm – Telkomsel Mitra Inovasi (TMI).
Other participants included AppWorks, AC Ventures, Decart Ventures, Fubon Capital, Trihill Capital, OCBC NISP Ventura, Nakhla and Capria Ventures.
Founded in 2017, EdenFarm's provides fresh produce directly from farmers to restaurants, street vendors, caterers, and startup partners through its mobile platform.
The company aims to build a food supply chain ecosystem in Indonesia and currently operates in 14 cities and three districts on Java island, serving more than 50,000 customers in the business-to-business (B2B) segment, ranging from startup partners, the secondary market, culinary small and medium-sized enterprises (SMEs), and HoReCa (hotels, restaurants and catering) establishments.
The firm has raised, till now, US$34.5 million in funding.
EdenFarm’s Founder and CEO, David Setyadi Gunawan said the recent funding would help grow the firm’s presence in Indonesia and strengthen its position in the agriculture and food service sectors.
The funding will help EdenFarm “improve” customer experience with tech-based solutions that would help tackle Indonesia’s food security and efficiency problems, he added.
The company has seen almost 60 times growth in the last 40 months, and aims to increase profit over the next 12 months, along with 3.5-4 times growth on a year-on-year basis, said Gunawan.
“From there, we will pursue new markets”, he added.
TMI’s CEO, Mia Melinda said 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.
“We are excited to back the EdenFarm food ecosystem with funding and collaboration with Telkomsel Digital Food Ecosystem (DFE) - 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.
Last year, EdenFarm has collaborated with the Indonesian fintech app LinkAja for the development of digital payment services, the implementation of a loyalty program for its B2B customers, and the use of the instant user registration method.
