TaniGroup, Indonesian agritech company has announced picking up $10 million Series A financing which was led by Singapore based early-stage venture investment firm Openspace Ventures. The round also saw participation from Intudo Ventures, Golden Gate Ventures, and The DFS Lab. Prior to this round, the firm had secured undisclosed seed financing from Alpha JWC Ventures.
TaniGroup was started in 2016 and now has partnered with more than 25,000 local farmers across Indonesia with five regional offices and distribution hubs. The B2B marketplace of the company connects farmers with food, hotel, restaurant & catering business people. It also offers lending solutions to the farmers by connecting borrower to the lender. The fresh funds as per the firm will help them in their expansion plans across Indonesia as well as new product development.
The company operates the lending front with the name TaniFund which was started in 2017. The fund is registered with the Financial Services Authority (OJK) and is a member of Indonesian Fintech Lenders Association (AFPI).
Ivan Arie Sustiawan, the co-founder and CEO at TaniGroup talking about the firm said, "We want to invite agriculture startups to collaborate because this landscape is still large and traditional. There are problems to address and we believe we can build a strong supply chain to deliver great value to Indonesian consumers."
Openspace Ventures' partner Shane Chesson talking about the deal noted, "TaniHub is building innovation into a massive sector, barely touched by digitization, a true Openspace. We look forward to working with the TaniHub team in creating a deeper technology platform and broader reach."
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