28-11-2023 (JAKARTA) Indonesian aqua technology startup JALA Tech has successfully raised approximately $16.13 million in its recent Series A funding round, as indicated by the latest filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The funding injection was spearheaded by prominent Indonesian venture investors Intudo Ventures and SMDV, alongside the participation of French investment manager Mirova’s Sustainable Ocean Fund (SOF) and U.S.-based coastal fishing-focused impact investor The Meloy Fund.
While ACRA filings offer insights into the equity funding received in the ongoing round, the overall funding might extend beyond this figure or encompass other financial instruments such as debt. DealStreetAsia has reached out to JALA Tech for additional commentary.
According to the filing, JALA Tech allocated Series A shares amounting to $6.37 million to Intudo Ventures, with SMDV contributing $4.25 million to the funding pool. Additionally, the company issued warrants to SOF and The Meloy Fund, who exercised them to receive Series A shares valued at $4 million and $1.5 million, respectively.
The filing hints at the potential for additional capital influx as part of the ongoing round, though it does not specify a definitive cap on the total amount.
Founded in 2015 and headquartered in Yogyakarta, JALA Tech focuses on shrimp farming management, offering data-driven insights through a combination of hardware- and software-based services to help shrimp farmers tackle harvest failures. Their solutions include specialized hardware for monitoring water quality in shrimp ponds and a comprehensive platform for visualizing and managing both technical and financial data. The company also operates a marketplace connecting shrimp farmers with processing companies.
JALA Tech boasts a roster of notable backers, including venture capital firms 500 Global and Real Tech Japan.
Shrimp holds a significant position in Indonesia’s export landscape, with shipments exceeding $1.9 billion from January to November 2022, according to data from the country’s fisheries ministry.
This funding announcement comes amid a broader trend in the aquaculture sector, with other startups like DELOS and eFishery securing substantial investments earlier this year, highlighting the growing importance of technology in shaping the future of Indonesia’s aqua industry.
