JAKARTA - Agritech startup TaniGroup has pocketed US$ 10 million in a Series A funding round led by Openspace Ventures. Other investors participating in the round are Intudo Ventures, Golden Gate Ventures, and The DFS Lab, a financial technology (fintech) accelerator funded by the Bill and Melinda Gates Foundation.
The financing is the largest round raised by an Indonesian agritech company so far.
In an official statement, TaniGroup said the fresh funding would be used to boost the startup’s business expansion and new product development. It also seeks to collaborate with the central and regional governments, international and local organisations, and other agritech startups to develop a deeper platform.
“In the near future, we want to invite other agriculture startups to collaborate because Indonesia’s agriculture space is still large and very traditional. There are big problems to address, a lot of farmers still in need of help, and the chance to build a stronger supply chain to deliver great produce to Indonesians at best cost,” said TaniGroup co-founder and CEO Ivan Arie Sustiawan as quoted by DealStreet Asia, Tuesday (27/5).
TaniGroup, which was founded in 2016, operates agriculture marketplace TaniHub and peer-to-peer lender TaniFund. TaniHub allows customers to purchase fresh produces directly from farmers, while TaniFund provides loans to farmers with lack of access to formal financial institutions. (MS)