Indonesian agritech startup TaniHub raises $65.5m in Series B led by MDI Ventures
Agricultural paddy
May 21, 2021
Indonesian agritech startup TaniHub Group has raised $65.5 million in a Series B round led by MDI Ventures, the venture capital arm of the country’s state-owned telco firm Telkom Indonesia.
New and existing investors including Add Ventures, BRI Ventures, Flourish Ventures, Intudo Ventures, Openspace Ventures, Tenaya Capital, UOB Venture Management, and Vertex Ventures participated in this funding round.
Earlier this month, DealStreetAsia first reported that TaniHub Group was in talks to raise a new funding round of around $60 million with MDI Ventures coming in as a new investor.
Indonesian agritech platform TaniHub Group harvests a $65.5M Series B round
TaniHub Group, an Indonesian startup that helps farmers get better prices and more customers for their crops, has raised a $65.5 million Series B. The funding was led by MDI Ventures, the investment arm of Telkom Group, one of Indonesia’s largest telecoms, with participation from Add Ventures, BRI Ventures, Flourish Ventures, Intudo Ventures, Openspace Ventures, Tenaya Capital, UOB Venture Management and Vertex Ventures.
Openspace and Intudo are returning investors from TaniHub’s $10 million Series A, announced in May 2019. The new funding brings its total raised to about $94 million.
Founded in 2016, TaniHub now has more than 45,000 farmers and 350,000 buyers (including businesses and consumers) in its network. The company helps farmers earn more for their crops by streamlining distribution channels so there are less middlemen between farms and the restaurants, grocery stores, vendors and other busine
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