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

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

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

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

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

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

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

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

Source : Techinasia