Semaai, an agritech firm based in Indonesia, secured $4.7 million in funding through a mix of debt and equity investments.
CyberAgent Capital spearheaded this funding round, joined by new investors such as Heracles Ventures, Ruvento, MyAsiaVC, and Sumitomo Corporation Equity Asia, as announced by Semaai in a statement.
Beenext, Accion Venture Lab, Surge from Peak XV, along with Semaai’s existing investors, also participated in the funding round.
With this recent infusion of funds, Semaai has achieved a total funding of $7.6 million, signaling an extraordinary year of growth for the company.
Semaai’s Expansion Drive: Targets for 2024
With the additional funding, Semaai aims to enhance the reach of its agronomy advisory service to farmers and agri-retailers, form partnerships with fintech establishments to offer cutting-edge fintech solutions, and fortify its position in Central Java.
By the end of 2024, Semaai plans to have extended its coverage to 75% of the over 8,200 villages in the region.
The company’s Toko Tani marketplace user base has reportedly doubled in the last year, accompanied by a net revenue surge of over fifteen times.
Additionally, the majority of Semaai’s active users make use of its advisory feature, which has witnessed an eight-fold increase in adoption over the past six months.
“With the new funding, our company will collaborate with financial institutions and fintech providers to expand our embedded fintech solutions, having already doubled Semaai’s total transaction volume in the last twelve months,
“This is part of our goal to provide an integrated digital ecosystem that addresses disruptions in the supply chain and fills knowledge gaps for Indonesia’s agri-retailers and smallholder farmers,” said Muhammad Yoga Anindito, Co-Founder and Chief Executive Officer of Semaai.
Semaai, as a “farmer-first” company, constructs comprehensive agri-tech solutions to empower farmers and rural micro, small, and medium-sized enterprises (MSMEs) in Indonesia, such as Toko Tanis. The aim is to optimize their earning potential and facilitate access to improved financing, services, and new markets.
Semaai offers a broad spectrum of agricultural services, encompassing customized consulting, productivity tools, and farming inputs like seeds and fertilizer products, all delivered through an expanding network of service delivery centers.
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