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Local VC firms eye agriculture, food tech amid tightening global food security
Start-ups in agriculture, farming, fisheries and related industries are seen as potential targets for investment in 2024, according to Amvesindo.
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Field prep: A farmer uses a rotary plow on Oct. 5, 2023, to prepare his field for planting rice in Porame village, Sigi regency, Central Sulawesi. As of August 2023, the government has disbursed funds totaling Rp 37 trillion (US$2.4 billion) for food security programs. (Antara/Basri Marzuki)
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ndonesian venture capital (VC) firms are turning their attention to agriculture and food start-ups as the global confluence of the El Niño climate phenomenon and growing protectionism put pressure on food supplies.
Association of Indonesian Venture Capital and Start-ups (Amvesindo) chairman Eddi Danusaputro said on Friday that VC firms saw start-ups in agriculture, farming, fisheries and related industries as potential targets for investment in 2024.
He also pointed out that the rise of climate technology and energy tech start-ups, though nascent in Indonesia, also reflected this broader trend, adding that today’s climate condition is squeezing global food systems, leading to hunger, malnutrition and economic stresses.
“While fintech [financial technology] is always in demand, these [sectors] become interesting because there are many countries that don't export for food supply,” Eddi told reporters during a briefing with the Indonesia Fintech Society (Ifsoc).
“Food sustainability is now a big theme,” added Eddi, who is also a member of the Ifsoc steering committee.
Read also: RI digital economy to grow on slower trajectory amid profitability push
Countries have opted to restrict exports of food commodities amid concerns about food security and prices, as extreme weather events and El Niño have led to crop failures and reduced harvests.
