Indonesia’s top fisheries commerce startup Aruna raises US$30M, bringing total to US$65M
Published on January 27, 2022
Aruna, Indonesia’s leading fishery and marine platform, has announced a US$30 million Series A follow-on funding led by Vertex Ventures Southeast Asia & India. The round also saw participation from existing investors Prosus Ventures, AC Ventures, East Ventures (Growth Fund), Indogen Capital, SMDV, and SIG Venture Capital. This brings the total Series A funding raised to US$65 million (approx. 1 trillion IDR).
The startup will use the fresh funds to expand into new geographies in Indonesia and enlarge its market share in the global market. The funding will also be used to invest and bolster hiring to support its goal of building end-to-end technology infrastructure and sustainable fishery practices.
Founded in 2016, the platform acts as a one-stop-shop and end-to-end supply chain aggregator that streamlines the process for Indonesia’s fishermen to access a global network. The company has witnessed tremendous success over the past five years, having grown 400x from 2017 to 2021, and the existing demand for supply from Aruna’s platform outstrips the current supply by more than five times.
“The follow-on funding round indicates investor confidence in Indonesia’s potential as the largest maritime country and validates Aruna as the leading startup in this sector. Aruna remains committed to continuing to build a broader impact for Indonesian people, especially those in the coastal communities. This is aligned with the government’s focus on bolstering an inclusive and sustainable economy by accelerating technology adoption across the country. We have a vision of making Indonesia the center of the world’s maritime economy and we hope to achieve this by revolutionizing the marine and fisheries industry chain, encouraging financial inclusion, and promoting sustainable fishing industry practices,” said Farid Naufal Aslam, CEO of Aruna.
The sizable follow-on funding highlights investors’ belief in the company’s growth potential and strong business fundamentals amidst the pandemic. Echoing this sentiment, Chua Joo Hock, Managing Partner of Vertex Ventures Southeast Asia & India said, “We are proud to be backing Aruna, which is transforming the lives of many fishermen and fish farmers in Indonesia as well as the region. Aruna has grown extremely well over the past year and we are pleased to be partnering with Aruna on this meaningful journey. We are not just driving positive impact among fishermen, but also fulfilling the ever-growing global demand for sustainable fishery products.”
Aruna’s bold mission
“Our mission is to make the sea a better livelihood for all by promoting the Sea For All campaign. We will invest in building the infrastructure to support sustainable fishing practices as we believe that profitability should be achieved through balancing the needs of both people and planet,” said Utari Octavianty as Chief Sustainability Officer.
“Aruna has demonstrated impressive growth as it continues on its mission to transform Indonesia’s fisheries and marine industry,” said Sachin Bhanot, Head of Southeast Asia Investments at Prosus Ventures. “We are excited about their future prospects and equally proud of their impact on the community, industry, and the environment, through their abiding commitment to sustainability.”
In 2021, the startup developed 100 communities of fishermen with over 26,000 registered fisherfolks. It also generated 5,000 job opportunities in the rural areas of Indonesia to support their operations, driving the nation’s economic growth. Last year, Aruna sold 44 million kilograms of seafood to more than 8 countries. Currently, the company operates in 27 provinces in Indonesia, representing 70% of the country.
“The company’s rapid growth, despite the pandemic, clearly shows their market fit as well as the founders’ leadership to navigate through challenges. We are excited to continue supporting their efforts to promote fishermen’s welfare and sustainable fishing,” added Michael Soerijadji, Founder and Managing Partner of AC Ventures.
Roderick Purwana, Managing Partner of East Ventures said, “Aruna has been at the forefront in the fishery and marine industry. Aruna’s vision is aligned with ours to make wide impacts to society and the environment. With its remarkable milestones, we believe that Aruna will grow even bigger.”