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Daily Markup 608: eFishery reels in US32M loan from Bank DBS Indonesia aims for 300 increase in production & expansion to 10 countries
2022.10.12
500 Global Team
Credit: eFisheryIn for the long haul
- Remember back in January when 500-backed eFishery bagged US$90M in a funding round that was the world’s largest ever VC financing for an aquaculture startup? Well, the year isn’t up yet, and the team just marked another major milestone!
- eFishery secured a US$32M loan from DBS Bank Indonesia. It’s a big reel, I mean deal, as it is the bank’s first funding for the aquatech sector and eFishery’s first loan deal.
- The fresh capital will support the expansion of eFishery’s business, improve its quality and productivity. Both companies are also partnering to better connect farmers to international markets.
- Co-founder & CEO Gibran Huzaifah shared that eFishery aims to increase production and scope by 300%. The team also plans to bringtheir products and services to international markets.
- Gibran is eyeing expansion to 10 countries within five years — India will be its first expansion target, with China and Vietnam next.
- Congratulations to the eFishery team!
- Read the full story on Tech in Asia.
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