Indonesian Aquaculture Startup Secures Seed Funding in 500 Startups-led Round

Jala Tech, an Indonesian startup looking to empower shrimp farmers through tech and smart data, secured seed funding in a round led by 500 Startups.

US-based Conservation International Ventures and Hatch, an early-stage investor focused on aquaculture startups, also participated in the round. Last year, Jala received funding from Hatch’s aquaculture-specific accelerator program, Hatch Blue.

Founded in 2017, the startup is an internet-of-things water management software firm that develops its own hardware products, which are used to monitor water quality on shrimp ponds. It allows aquafarmers to access the data online in real time to minimize the risk of harvest failure.

Jala plans to use the new investment to become an early adopter in Indonesia and fund the development process of its products, according to a statement. It claims to have 1,100 users across Asia. 

According to the statement, while the shrimp industry covers US$24 billion in yearly revenue, it is only a part of the US$160 billion of revenue generated by the entire aquaculture industry. To capitalize on that, the company is planning to diversify its product offerings and expand into wastewater treatment. 

“Everyone knows about the booming middle class, especially here in Indonesia. They are booming faster than our farmers can feed them,” said 500 Startups managing partner Khailee Ng.

In April this year, 500 Startups participated in the US$1.18 million seed funding round for Glife, a Singapore-based startup that connects farmers with restaurants. It has also recently invested US$150,000 in Nigerian agritech startup EZ Farming, which allows users to lend to farmers through its platform.

Source : Techinasia