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[FUNDING-NEWS] Indonesia-Based Elevarm Secured $2.6 Million in Seed Funding

The integrated farming productivity platform of Elevarm, an Indonesian startup, has raised $2.6 million in a seed funding round led by Singapore's Insignia Ventures Partners. Other participants in the round included Gibran Huzaifah, the CEO and founder of eFishery, an aquaculture technology startup in Indonesia, and multi-stage venture capital firm 500 Global.

Elevarm, The integrated farming productivity platform and an Indonesian startup, has raised $2.6 million in a seed funding round led by Singapore’s Insignia Ventures Partners. Other participants in the round included Gibran Huzaifah, the CEO and founder of eFishery, an aquaculture technology startup in Indonesia, and multi-stage venture capital firm 500 Global.

The company said in a statement that the strategic raise, which was carried out in two stages, will help Elevarm meet the growing demand from smallholder farmers by tripling its capacity to produce organic fertiliser and seedlings. It will also advance NextBio, Elevarm’s research and development engine devoted to innovations in organic agricultural products.

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Large company farms are the only ones with access to high-quality seedlings and fertiliser, which frequently leaves smallholder farmers with inferior soil and seeds and, as a result, lower-quality yields. Elevarm claimed that by democratising access to farming necessities, it upends this paradigm and eventually enhances the standard of living for smallholder farmers.

It provides farmers with a network of integrated horticulture services and products that enable them to increase farming output, reach a wider market, and obtain secure and convenient financing. Bayu Syerli Rachmat, Febi Agil Ifdillah, and Lintang Kusuma Pratiwi were co-founders of Elevarm.

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With more than 5,000 active farmers as clients and a growing network of more than 13,000 agricultural partners, it has experienced significant year-over-year growth, with revenue in 2023 rising seven times over the previous year.

“We see incredible value in uplifting our local smallholder farmers, the backbone that makes up half of Indonesia’s entire farming industry. Our mission is to democratise access to farming essentials that not only boost crop yields for them, but contribute to the circular economy in the long run, through our proprietary research, technology, and solutions, ” says Bayu Syerli Rachmat, Co-founder and CEO of Elevarm.

Elevarm will be able to expand its greenhouse area by over three times its current size thanks to the additional funds. This enables them to produce high-quality seedlings at a higher volume, which lowers the cost for smallholder farmers.

About Elevarm

Elevarm provides practical answers to address the four main issues of market connectivity, pro-farmers capital in the upstream side, sustainable farming knowledge, and access to high-quality inputs.

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