Indonesian aquaculture technology company eFishery announced a $200 million Series D in July 2023, led by 42XFund. Transaction counsel Cooley put the company’s deal-era valuation at $1.4 billion, though other contemporaneous reporting gave lower estimates. The funding made eFishery a reported unicorn; it does not establish the company’s current value or financial condition.
What eFishery raised and who invested
eFishery announced the Series D on July 7, 2023. Cooley’s transaction announcement, published July 12, described a $200 million raise and a $1.4 billion valuation. TechCrunch’s July 7 report called eFishery the first aquaculture startup to pass a $1 billion valuation but did not give an exact figure in its article text. Katadata later cited $1.3 billion in a December 2024 retrospective; other contemporary reports put the figure at about $1.35 billion. The exact valuation therefore depends on the source, and the $1.4 billion figure should be attributed to Cooley rather than treated as undisputed.
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42XFund led the round. Reported participants included Malaysia’s KWAP, Switzerland-based responsAbility and 500 Global, alongside returning investors Northstar, Temasek and SoftBank. eFishery’s own funding announcement also named Aqua-Spark among its existing investors. TechCrunch reported Goldman Sachs acted as exclusive financial adviser.
What eFishery built
Founded in Bandung, West Java, in 2013 by Gibran Huzaifah, eFishery combined aquaculture equipment with services for fish and shrimp farmers. TechCrunch described its eFisheryFeeder as an automated feed dispenser that the company said sensed appetite through vibrations. The company also said farmers could use smartphones to manage ponds and collect operational data, including feed use, fish behavior, stock density and mortality. These are descriptions of the product and its intended capabilities, not independent performance test results.
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The business extended beyond feeders: TechCrunch reported marketplaces for buying feed and selling fresh fish and shrimp to business buyers, as well as financial products for farmers. In 2023, the outlet reported eFishery served 70,000 fish and shrimp farmers in 280 Indonesian cities. Those are historical figures, not a current reach estimate.
How the company described its plans for the funding
In its 2023 announcement, eFishery said the investment would support integrating Indonesian smallholder farmers into its ecosystem and developing exports of traceable, chemical-free and antibiotic-free shrimp. These were company goals, not evidence that the promised integration or export outcomes were achieved.
Co-founder and then-CEO Gibran Huzaifah said in the company’s funding announcement: “The strategic support we receive from our investors will help us revolutionize the entire industry, especially by integrating Indonesian smallholder fish farmers into the eFishery ecosystem that spans the entire value chain.” The statement explains the company’s ambition at the time; it does not establish the impact of the investment.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the unicorn valuation needs a timeline
The $1.3 billion to $1.4 billion figures refer to the 2023 financing period, and sources did not report a single consistent number. They should not be read as a current valuation. A later financing figure also cannot, by itself, establish what investors or shareholders could recover after subsequent governance and legal developments.
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In December 2024, Katadata reported that eFishery had temporarily removed co-founders Gibran Huzaifah, then CEO, and Chrisna Aditya, then CPO, pending an investigation into suspected financial and performance-reporting irregularities. The company spokesperson characterized the action as a governance measure taken with shareholders. At that point, the matters were under investigation, not established findings of guilt.
In an August 2025 account, Indonesian National Police said three senior eFishery officials had been detained since July 31 in an alleged embezzlement case linked to an acquisition. Police also referred to an earlier report concerning suspected falsification of financial statements. Detention and allegations are not convictions.
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KWAP’s July 2026 investor statement says that on April 29, 2026, the Bandung District Court convicted former CEO Gibran Huzaifah of embezzlement and money laundering and sentenced him to nine years’ imprisonment. KWAP said it had invested RM163.4 million for approximately 2.51% of eFishery’s shares and was pursuing avenues for recovery. This is KWAP’s account of the court outcome; the sources cited here do not establish whether an appeal followed or what recovery, if any, has resulted.
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