eFishery
$1Bpaper valuation
// OVERVIEW
eFishery is the only aquaculture technology company that convinced investors a $1 billion valuation was justified for selling automated fish feeders to Indonesian shrimp farmers. The company builds IoT feeding systems and claims to serve 80,000 fish and shrimp farms across Indonesia, Thailand, and India — markets where the average farm is 2 hectares and runs on subsistence economics.
// HQ
Bandung, Indonesia
// STATUS
PRIVATE
// FOUNDED
2013
// TIER
The Unicorn Herd · $1B – $9.9B
// PRIMARY SECTOR
agritech
// FOUNDERS
// FUNDING ROUNDS
// SECTORS SERVED
// TECHNOLOGY
The core product is an automated feeding system with sensors that monitor water quality, fish behavior, and feed consumption in real-time. The hardware dispenses feed on algorithmically optimized schedules that theoretically reduce waste and accelerate growth rates. eFishery also operates a fish feed marketplace and financing platform for farmers who cannot afford upfront feed costs.
// WOWLS ASSESSMENT
The unit economics are uncomfortable. Hardware sales to subsistence farmers in emerging markets do not typically produce software-like margins or billion-dollar exits. The company has pivoted from pure hardware to a fintech model — providing credit to farmers to buy feed through eFishery's own marketplace — which means the real business is lending to customers with thin margins and climate-dependent repayment capacity. Temasek and Sequoia Capital Indonesia led the Series C at $200 million in 2021. Three years later there is no public path to profitability and no clear exit strategy in a category where the acquirers are agricultural conglomerates that do not pay tech multiples. The addressable market is large but the willingness to pay is structurally constrained by the fact that shrimp farming operates on 8-12% net margins even in good years.
// WHY WOWLS HUNTS THIS
The gap between the valuation and the structural economics of selling to subsistence farmers in climate-vulnerable geographies. Temasek wrote a check that assumed tech margins in a business where the end customer's profit per kilogram of shrimp has not changed in a decade.
// VALUATION NOTE
Series C valuation from 2021 at $200M reported by Crunchbase — $1B figure appears to be post-Series C estimate but no subsequent rounds publicly documented. Actual current valuation may be lower given agtech correction 2022-2024.
VERDICT: BLOATED — A $1 billion valuation requires believing that Indonesian shrimp farmers will generate software-like LTV on hardware-like CAC, and the three years since the last funding round have not made that math easier
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// INTEL UPDATED: MAY 2026
// INTELLIGENCE DISCLAIMER: Assessments represent editorial opinion based on publicly available data including filings, press reports, and market data as of the date shown. Valuations are approximate. Not financial or investment advice.
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