23 March 2022 – Bogor City – FishLog, an Indonesia B2B fisheries marketplace commerce platform, has raised an undisclosed seed round led by Insignia Ventures Partners. Arise Ventures, KK Fund, impact investor Ango Ventures, and Indian growth stage startup Captain Fresh also participated in the round, as well as prominent angels including Kopi Kenangan Co-founder and CEO Edward Tirtanata, AwanTunai Co-founder Windy Natriavi, Shipper CMO Jessica Hendrawidjaja, and other strategic angel investors from Indonesia.
The company will use this round of funding to expand its ecosystem of digital-first products and services for fisheries in Indonesia, scale its regional network across the country, enable new partners to join the ecosystem, and build out its team and capabilities.
Addressing longstanding challenges in Indonesia’s fisheries supply chain
Indonesia’s archipelagic nature has made it the second-largest source of fish in the world, with US$25 billion in annual production value but its fisheries ecosystem is plagued with several problems including fragmentation and lack of trust in stakeholders that leads to food waste loss across the supply chain.
FishLog was established in 2020 by Bayu Anggara, Reza Fahlepi and Abdul Halim to solve the fragmentation in cold chain fisheries in Indonesia. With their strong background of education from IPB University in the fisheries and livestock major, as well as years of experience working together in fisheries projects and companies, including export, managing cold storage operation and consulting on seafood safety standardization, Fishlog’s founders had experienced firsthand the challenges in Indonesia’s fisheries and built up understanding of the local nuances to navigating the industry.
“Having worked in Indonesia’s fisheries industry for several years, Reza, Abdul and I have seen the challenges for suppliers and buyers to navigate the cold chain supply chain. Through Fishlog, we are building the go-to marketplace enabler for all fisheries stakeholders in Indonesia, streamlining their supply chain process to be more efficient and transparent in a more sustainable way”, said the Co-Founder and CEO Bayu Anggara.
FishLog focus on fisheries cold storage to develop new supply chain model
To achieve this, Fishlog launched with a digital platform to enable stronger distribution for fisheries stakeholders including fishermen, processing partners and cold chain logistics, focusing specifically on strengthening distribution to increase volume. Since implementing this model, FishLog has grown almost 20x times revenue year-on-year on top of this unique approach to Indonesia’s fragmented supply chain.
They have also provided digital solutions for cold storage warehouses to increase their utility by connecting with more suppliers and buyers, also enabling these suppliers to get easier access to goods.
While there are already existing startup-developed solutions focusing on the fishermen or farmer side of the supply chain, Fishlog ultimately aims to bring technology into the fisheries supply chain, providing strong distribution channels for fishermen and easy access for B2B buyers to get real-time fish availability. The real-time availability of fish will contribute to greater equitability when it comes to prices and solve accessibility gaps across the country’s supply chain network.
Insignia Ventures Partners founding managing partner Yinglan Tan adds, “With the rise of end-to-end commerce platforms in Indonesia expanding across traditional sectors like agriculture and fisheries over the past few years, the challenges of fragmented supply chains becomes more apparent than ever and we see the demand for tech-enabled, asset-light solutions to bring greater, cost-efficient access for players in the value chain. With the on-the-ground experience and localized networks of the founding team, the rapid momentum they’ve achieved since launching, and their focus on digitizing cold storage distribution, Fishlog is well-positioned to lead the way in addressing longstanding inefficiencies in Indonesia’s fisheries industry.”