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View all search resultsAgribusiness start-up Gokomodo gets $26m in early funding
An Indonesian agricultural supply chain platform has secured one of the largest-ever series A fund injections in the country.
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The team of agritech start-up Gokomodo pose for a photo shared by the company in September. (Gokomodo/-)
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ndonesian agriculture supply chain start-up Gokomodo has secured US$26 million in a series A funding round led by Jakarta-based East Ventures.
Other investors participating in the oversubscribed round are SMDV, Eight Capital, K3 Ventures, Triputra, Waresix, Indogen Capital, Sahabat Group and Sampoerna Financial.
Amounting to one of the largest-ever series A injections in Indonesia, the funding reflects confidence in bringing technology to bear on the country’s inefficient agricultural industry, with a 2019 World Bank study finding “very large gaps in labor productivity between primary agriculture and nearly all other segments of the Indonesian economy.”
Read also: Executive column: Farmers need more than money, says CEO of agritech start-up Crowde
While the agribusiness is still a large contributor to the country’s GDP and employment, a press release published by East Ventures on Monday to announce the funding says agricultural supply chains are “highly fragmented and inefficient, creating difficulties for corporates and smallholder farmers alike in reliably accessing high quality agricultural inputs, such as fertilizer and tools.”
Gokomodo’s digital platform aims to increase sourcing transparency, accessibility and efficiency for corporations and farmers, according to the release, with Gokomodo’s enterprise platform aimed at facilitating efficient procurement with timely delivery, matching buyers and sellers and introducing digital control.
“Corporates also have the option of buying competitive products through Gokomodo’s e-commerce storefront […] whereas smallholder farmers benefit from lower product prices with reliable availability,” the release states.
