AC Ventures doubles down on B2B food supply chain startup EdenFarm in US$13.5M deal

Published on January 30, 2023

EdenFarm, a B2B food supply chain startup based in Indonesia, has secured US$13.5 million in a pre-series B bridge round of funding, led by Telkomsel Mitra Inovasi (TMI) with support and participation from AC Ventures, AppWorks, Decart Ventures, Fubon Capital, Trihill Capital, OCBC NISP Ventura, Nakhla, and Capria Ventures.

With the fresh capital, EdenFarm aims to build a sustainable and profitable food supply chain ecosystem in Indonesia, benefiting farmers and industry stakeholders alike. The company has raised US$34.5 million in its fourth funding round since its establishment in 2017, which will help improve the customer experience through tech-based solutions to address food security and efficiency issues. EdenFarm is partnering with Telkomsel to bring precision farming technologies to local farmers, offering a range of products for all aspects of agriculture, from farms to distribution.

David Setyadi Gunawan, CEO and founder of EdenFarm, said, “We’re thrilled to team up with Telkomsel to bring precision farming technologies to our local farmers. Our recent funding will allow us to grow our presence in Indonesia and solidify our position as a leading player in the agriculture and food service sectors.”

EdenFarm’s path to profitability

“EdenFarm has achieved nearly 60x growth in the past 40 months and has established a solid path to profitability, outpacing other players facing losses. This reflects EdenFarm’s leadership in agri-tech. We aim to expand profits in the next 12 months, with a YoY growth of 3.5-4x. After that, we will explore new markets,” said David.

Mia Melinda, CEO of TMI, said, “TMI believes in using ‘tech for good’ and helping entrepreneurs and small businesses positively impact Indonesia’s economy. EdenFarm’s strong B2B food supply chain network empowers local farmers to gain better income, and we’re excited to back the EdenFarm food ecosystem with funding and collaboration.”

Adrian Li, Founder and Managing Partner at AC Ventures, said, “Strongly aligned with our firm’s ESG-focused investment philosophy, EdenFarm is operating at nearly 0% food waste and delivering a robust and meaningful impact to the livelihoods of Indonesia’s farmers. The startup is revolutionizing the country’s B2B food supply chain by addressing some of the most pressing challenges both producers and sellers face. We at AC Ventures are confident in EdenFarm’s business and are excited to participate in its latest funding round. We are proud to serve as a catalyst to drive forward EdenFarm’s mission of building a more efficient and sustainable food ecosystem in Indonesia. The impact EdenFarm is making is truly transformative, and we can’t wait to see more positive changes this team brings about in the industry.”