responsAbility invests USD 40 million in eFishery to promote aquaculture innovation and sustainability

Zurich/Bandung, 11. July 2023 – The global leading impact pioneer responsAbility invests USD 40 million from the Sustainable Food - Asia II fund in eFishery, an Indonesia-based aquaculture company. This strategic investment aims to fuel eFishery’s expansion and contribute to the transformation of the aquaculture industry by empowering smallholder farmers and promoting sustainable practices.

With its Internet of Things (IoT) smart feeder device, eFishery utilizes farm data to optimize feeding, fish health, and water quality while reducing waste, a significant challenge in aquaculture. By leveraging data and technology, eFishery provides smallholder fish farmers with significant improvements of farm-level productivity, direct access to markets, financing, and enhanced farming practices. eFishery also plans to scale its chemical and antibiotic-free shrimp export business, strengthening the connection between farmers and end consumers through fully traceable and sustainable production.

eFishery's vision for integrated and sustainable fisheries

Gibran Huzaifah, co-founder and CEO of eFishery, said: “Aquaculture is the fastest growing part of the global fisheries sector, which is facing rapidly increasing demand. With the support of our investors, we look forward to transforming the entire industry and bringing together smallholder fish farmers into an eFishery-organized collective that integrates across the entire aquaculture value chain.” The funds raised will be used to expand eFishery's farming community, with a goal of engaging the majority of aquaculture ponds in Indonesia by 2025 and increasing the feed input and fresh output volumes transacted through the eFishery platform.

Empowering Indonesian farmers and boosting the economy

Through its digital cooperative for fish and shrimp farmers, eFishery has already empowered tens of thousands Indonesian farmers by improving their livelihoods and providing them with technology, market access, financing, and quality feed. The company's initiatives have led to a positive impact on the Indonesian Gross Domestic Product (GDP) in the Aquaculture Sector, addressing food scarcity and reducing social and economic inequality.

responsAbility joins forces with eFishery to drive industry transformation

Rik Vyverman, Global Head of Sustainable Food Equity at responsAbility, said: "eFishery's innovative business model disrupts the entire value chain which makes it a very attractive investment which aligns with our goal of helping to achieve the Sustainable Development Goals (SDGs) and fostering a more sustainable and equitable Agrifood industry. We look forward to supporting eFishery as it continues to change the industry and create a lasting positive impact."

Capturing growth opportunities in Asia's sustainable food sector

The Sustainable Food in Asia strategy made a USD 173 million first close in January 2023 and will focus on taking significant minority stakes in growth companies across South Asia and Southeast Asia. The final close is targeted at USD 300 - 400 million. With Asia poised to more than double its total spending on food to over USD 8 trillion by 2030, the strategy aim is to invest in the agrifood industry in the region which is undergoing a dramatic change driven by the 1.2 billion predominantly young, urbanized consumers joining the upper middle class income category. The increase in demand for food but more importantly food that’s safe, healthy, and convenient, is driving change across the entire value chain.