CEO Who Grew Up in Poverty Builds Rare $1.4 Billion Fish Startup

[Indos]

CEO Who Grew Up in Poverty Builds Rare $1.4 Billion Fish Startup​

• Temasek-backed agritech raises $200 million, led by 42XFund
• EFishery co-founders’ stakes now worth over $100 million each

Gibran Huzaifah at a fish farm in Subang Regency in West Java, Indonesia.Source: Bloomberg


By Yoolim Lee
July 7, 2023 at 3:22 AM EDT


EFishery, co-founded by a former resident of a poor Jakarta neighborhood, became a rare Indonesian unicorn after raising $200 million in fresh funding.

The agritech startup’s value hit $1.4 billion after a Series D round led by Abu Dhabi’s 42XFund, more than tripling its previous value of $410 million in 2022, according to Chief Executive Officer Gibran Huzaifah. Malaysia’s state pension fund Kumpulan Wang Persaraan, ResponsAbility Investments AG and 500 Global also joined in the round, along with existing backers including Northstar Group, Temasek Holdings Pte and SoftBank Group Corp.

CEO Who Grew Up in Poverty Builds Rare $1.4 Billion Fish Startup

EFishery, co-founded by a former resident of a poor Jakarta neighborhood, became a rare Indonesian unicorn after raising $200 million in fresh funding.

www.bloomberg.com

 

[Bilal9]

CEO Who Grew Up in Poverty Builds Rare $1.4 Billion Fish Startup​

• Temasek-backed agritech raises $200 million, led by 42XFund
• EFishery co-founders’ stakes now worth over $100 million each

View attachment 939235
Gibran Huzaifah at a fish farm in Subang Regency in West Java, Indonesia.Source: Bloomberg


By Yoolim Lee
July 7, 2023 at 3:22 AM EDT


EFishery, co-founded by a former resident of a poor Jakarta neighborhood, became a rare Indonesian unicorn after raising $200 million in fresh funding.

The agritech startup’s value hit $1.4 billion after a Series D round led by Abu Dhabi’s 42XFund, more than tripling its previous value of $410 million in 2022, according to Chief Executive Officer Gibran Huzaifah. Malaysia’s state pension fund Kumpulan Wang Persaraan, ResponsAbility Investments AG and 500 Global also joined in the round, along with existing backers including Northstar Group, Temasek Holdings Pte and SoftBank Group Corp.

CEO Who Grew Up in Poverty Builds Rare $1.4 Billion Fish Startup

EFishery, co-founded by a former resident of a poor Jakarta neighborhood, became a rare Indonesian unicorn after raising $200 million in fresh funding.

www.bloomberg.com

Lovely story, there are many such stories in Bangladesh too.

People setting up integrated poultry, fishery farms with orchards. Won't bore people with details, but there are many videos.

 

[Indos]

Lovely story, there are many such stories in Bangladesh too.

People setting up integrated poultry, fishery farms with orchards. Won't bore people with details, but there are many videos.

Yup, this is a good inspiration for all of young generation coming from better economic background families. I mean with better socioeconomic environment; we should be able to achieve similar result or at least become more entrepreneurial.

As far as I know other Indonesian big startup companies founders that have surpassed Unicorn Status are either coming from middle class, upper middle class, and rich families. Nadiem Makarim for example, Gojek founder, comes from a family that can finance his education in Harvard, USA. But this Efishery founder is different, he lives in poor family and his father is construction worker, but he manages to pass the qualification entry in Indonesia best STEM university, ITB. From the IT knowledge he gains from his university education, he then build this successful company. The timing is of course is very important, I mean this digitalization really open up lot of business opportunities to someone who has knowledge and entrepreneurial mind set and service business also become more important nowadays.

 

[Bilal9]

Yup, this is a good inspiration for all of young generation coming from better economic background families. I mean with better socioeconomic environment; we should be able to achieve similar result or at least become more entrepreneurial.

As far as I know other Indonesian big startup companies founders that have surpassed Unicorn Status are either coming from middle class, upper middle class, and rich families. Nadiem Makarim for example, Gojek founder, comes from a family that can finance his education in Harvard, USA. But this Efishery founder is different, he lives in poor family and his father is construction worker, but he manages to pass the qualification entry in Indonesia best STEM university, ITB. From the IT knowledge he gains from his university education, he then build this successful company. The timing is of course is very important, I mean this digitalization really open up lot of business opportunities to someone who has knowledge and entrepreneurial mind set and service business also become more important nowadays.

Good to know brother. Digitalization is the key to another level of efficiencies and opportunity.