CEO Rose from Poverty to Build a Billion-Dollar Startup in Indonesia

EFishery, an agritech startup in Indonesia, has achieved unicorn status with a valuation of $1.4 billion, following a successful Series D funding round.

The company, co-founded by Gibran Huzaifah, who grew up in a disadvantaged neighborhood in Jakarta, raised $200 million in the latest funding round, led by Abu Dhabi’s 42XFund, with its value tripling from more than $410 million in 2022.

Notable participants in the funding round include Malaysia’s state pension fund Kumpulan Wang Persaraan, ResponsAbility Investments AG, 500 Global, and existing investors such as Northstar Group, Temasek Holdings Pte, and SoftBank Group Corp.

EFishery serves approximately 70,000 fish and shrimp farmers in Indonesia, providing them with technological solutions for their aquaculture operations. The recently secured funding will enable EFishery to fuel its expansion plans in Indonesia and India. Moreover, CEO Gibran Huzaifah expressed his ambition to pursue an initial public offering (IPO) in either the United States or Indonesia within the next two years.

According to Bloomberg, Huzaifah aims for EFishery to become a global leader in the aquaculture industry over the next five years, with an IPO potentially taking place as early as 2025.

Huzaifah grew up in the vicinity of slums in eastern Jakarta facing financial hardships due to his father’s job loss during his university years. With limited resources and no support network in a new city, Huzaifah found himself seeking shelter in various places, including the university campus and local mosques. At one point, he endured a three-day period without food. 

The personal story of CEO Gibran Huzaifah from poverty to building a billion-dollar startup serves as an inspiration to anyone facing adversity, showing that success can be achieved regardless of one’s humble beginnings.

Featured Image Source: CNBC