Indonesian agritech startup Semaai has announced a significant milestone in its expansion, securing $4.7 million (approximately IDR 73 billion) in a mix of equity and debt financing.
The latest funding round, led by CyberAgent Capital, also saw participation from a consortium of new investors including Sumitomo Corporation Equity Asia, Ruvento, MyAsiaVC, and Heracles Ventures.
Existing investors Peak XV’s Surge, Accion Venture Lab, and Beenext also contributed, marking a strong vote of confidence in Semaai’s growth trajectory.
This latest infusion of capital raises Semaai’s total funding to $7.6 million. The company has experienced a remarkable year of growth, with its net revenue increasing more than fifteen-fold (>15x) and its Toko Tani marketplace user base doubling.
The adoption of its advisory feature has surged eightfold (8x) in just six months, a testament to its rapidly expanding user engagement.
With the new funds, Semaai aims to broaden its agronomy advisory service to agri-retailers and farmers, enhance collaborations with fintech institutions for advanced financial solutions, and fortify its presence in Central Java.
The company has set an ambitious goal to reach 75% of the region’s 8,201 villages by the end of 2024.
Muhammad Yoga Anindito, Co-founder and CEO of Semaai, commented on the funding, “Our focus now is to expand our embedded fintech solutions, having already doubled our total transaction volume in the last year. We aim to create an integrated digital ecosystem addressing supply chain disruptions and knowledge gaps for Indonesia’s agri-retailers and smallholder farmers.”
Indonesia’s agriculture sector, encompassing forestry and fisheries, has shown steady growth, contributing 12.71% to the country’s GDP, according to Badan Pusat Statistik 2023 data. Despite being a key economic driver, the sector faces challenges like limited financing access, extended supply chains, and low technology adoption.