TaniGroup raises $10M in a funding round led by Openspace Ventures

By Mateen Dalal

TaniGroup runs an agriculture marketplace called TaniHub, and peer-to-peer lender named TaniFund. 

Indonesia-based TaniGroup has reportedly raised $10 million in Series A funding round which was led by Openspace Ventures in the latest deal in the agri-tech sector of the country. Several other investors have also supported the funding round, including Golden Gate Ventures, the DFS Lab, a fintech accelerator backed by the Bill and Melinda Gates Foundation, and Intudo Ventures.

Reportedly, the latest funding round has followed a pre-Series A investment by Alpha JWC Ventures and various angel investors in TaniGroup, in early 2018.

For the record, TaniGroup runs an agriculture marketplace called TaniHub, and peer-to-peer lender named TaniFund.

TaniHub offers fresh produce directly from farmers to customers. Largely focused on business-to-business (B2B) transactions, the company has recently expanded to the B2C market with a farm-to-table mobile application. It has claimed that it connects farmers with over 400 small and medium enterprises (SMEs), and more than 10,000 individual customers.

Meanwhile, TaniFund offers loans for agriculture projects to farmers lacking access to formal financial institutions.

TaniGroup has reportedly stated that the latest funding will accelerate its new product development and business expansion. The company works in partnership with the regional administrations, central government, local organizations, international organizations and other agritech startups to create a deeper platform, it added.

Ivan Arie Sustiawan, CEO and Co-Founder, TaniGroup, reportedly stated that the company wants to invite other agriculture startups soon because agriculture space of Indonesia is still large and very traditional. There are huge problems to address, many farmers are still in need of help, and the chance to develop a stronger supply chain to offer great produce to Indonesians at best cost, he further added.

Reportedly, TaniFund is a member of Indonesian Fintech Lenders Association (AFPI) and registered with the Financial Services Authority (OJK).

Source credit: https://www.dealstreetasia.com/stories/tanigroup-openspace-137562/

https://e27.co/tanigroup-raises-us10m-in-series-a-funding-round-20190527/