eFishery’s Series D Round Loses Khazanah as Anchor Investor
Malaysian sovereign wealth fund Khazanah Nasional has backed out from being the anchor investor in eFishery’s latest fundraising, which was announced in July.
The fund was reportedly going to lead the Indonesian aquatech firm’s series D round, but the sources cited two reasons why this didn’t materialize.
First, employees participating in the Series D trade were part of a “management reshuffle” that took place at the working level in Khazanah. Second, midway through the discussions, eFishery increased the value of the acquisition.
The Latest Developments
DealStreetAsia (DSA) originally revealed in March, citing sources, that Khazanah will be leading eFishery’s series D. DSA said that most of the startup’s existing backers were anticipated to participate in the follow-on investment that would see the firm raising 0 million.
But 42xfund, located in Abu Dhabi, turned out to be the anchor investor, propelling eFishery to unicorn status. 42xfund is administered by the Abu Dhabi-based AI business Group 42.
Some of the noticeable investments for the fund include JD Industrials and ByteDance which are some Chinese companies.
eFishery provides solutions to fish and shrimp farmers and was valued at .2 billion after successfully raising 0 million via the series D.
Retirement Fund, a government-owned organization in Malaysia that manages public workers’ pensions, is one of the investors in the most recent round.
Reasons for Khazanah Backing Out
Khazanah backed out from being the anchor investor in eFishery’s latest fundraising due to a “management reshuffle” at the working level that included staff who were involved in the series D deal and eFishery revising its valuation upwards halfway through negotiations.
The Future of eFishery
eFishery is expected to continue progressing on its path to profitability with this new funding round. The company wants to enlarge Indonesia’s aquaculture farming community and transact more fish feed and fresh fish on its platform.
eFishery is expected to continue progressing on its path to profitability with this new funding round. The company wants to enlarge Indonesia’s aquaculture farming community and transact more fish feed and fresh fish on its platform.
eFishery will now be ready to invest in companies capable of system change providing the venture returns.
