Agritech startup iGrow reaps seed funding from East Ventures, 500 Startups
The Indonesian startup plans international expansion to Turkey and Japan
Indonesian organic farm-builder startup iGrow today announced that it has received an undisclosed amount of seed funding from East Ventures and 500 Startups.
The Depok-based startup plans to use the funding to support its international expansion.
“There is still 16 million hectares of under-utilised land in Indonesia, therefore we believe the opportunity is enormous here. Along with local expansion, we are also exploring to open our farm and market in other countries approximately by the end of this year,” explained Jim Oklahoma, Chief of Business Development, in a written statement.
“We are closely looking on Turkey, as it will be the best place to plant olives, one of our current corps. Japan also be an interesting option, we are currently on discussion to partner with local organisation there,” he added.
Prior to this funding round, iGrow received investment from 500 Startups and had taken part in their incubator programme.
Also Read: In Indonesia, startups and President team up to improve farmers’ life
iGrow was founded by Oklahoma, Muhaimin Iqbal, and Andreas Senjaya.
The platform connects investors and farmers by allowing investors to choose for the crops they wish to invest in, based on budget and expected return. The farmers then plants the crops, while iGrow team monitors and uploads the process through the platform.
Once the crops are harvested, it will be sold to iGrow’s partner merchants and both the investors and the farmers share their profits.
The startup uses under-utilised lands and plants crops using organic method.
As for East Ventures, prior to investing in iGrow, it has also invested in another Indonesian agritech startup Limakilo.
—
Image Credit: iGrow
The post Agritech startup iGrow reaps seed funding from East Ventures, 500 Startups appeared first on e27.
