Rising From the Depths: The Founder Who Grew Up In Poverty and Built a Billion Dollar Business

Imagine being a kid, growing up next to the crowded, chaotic slums of Jakarta, witnessing hardship and struggle all around you, including at home.

Now, fast forward a few years. You're in university, miles away from home, with hardly a penny to your name. You’re skipping meals, searching for a place to sleep every night, so you can finish your degree.

You stumble upon a class on aquaculture, and something clicks.

You see not just fish in a pond, but an untapped opportunity. You see a lifeline to lift yourself out of poverty—and a chance to transform the face of an industry.

This isn't a far-fetched dream, but the real-life journey of Gibran Huzaifah. From the streets of Jakarta to the helm of eFishery, he has scaled the heights to become the CEO of the first-ever billion-dollar aquaculture startup.

Gibran's story unfolds in the bustling slums of eastern Jakarta, where every day was a testament to survival. Raised by a mother who, despite her lack of formal education, instilled in him the value of learning, he earned a seat at the prestigious Bandung Institute of Technology, shifting his world to the halls of academia.

Yet, life in university wasn't an easy transition. His father lost his job, severing Gibran's financial lifeline. Left to fend for himself in a strange city, he faced nights without shelter and days without food. But even during these trying times, he found his calling. A class on aquaculture during his biology major opened a new world to him, one that was teeming with potential beneath the surface of the water.

Intrigued by the mechanics of catfish breeding, Gibran plunged headfirst into the field, renting a pond to start his own catfish farm. From a single pond, he expanded to 76, fully immersing himself in the aquaculture industry. But it wasn't all smooth sailing. He encountered firsthand the crippling issue that plagued many in the sector: the razor-thin profit margins caused by the high costs of feeding fish. But where others saw a problem, Gibran saw an opportunity.

Keep your eyes open to the challenges in your field; they might be the birthplace of your next big idea.

And thus, the spark for eFishery was ignited. Gibran, along with a tech-savvy friend, developed a prototype automatic feeder using IoT technology. This innovation was designed to address a persistent problem in aquaculture: the rampant inconsistency in fish feeding. These irregular feeding habits often resulted in unequal growth among the fish and a significant wastage of resources, a hurdle that had long hampered the profitability and efficiency of the industry.

Launched in 2013, eFishery was a game-changer, but not an immediate success. The startup faced resistance from farmers accustomed to traditional practices. The young entrepreneur quickly realized that innovation was not just about technology, but also about communication and respect for local wisdom.

Breakthroughs require more than a great idea. Building relationships and gaining the trust of the community you aim to serve are equally crucial.

Earning the trust of local farmers was just the beginning. eFishery went on to raise a staggering $200 million in a Series D funding round. Today, it serves 70,000 fish and shrimp farmers in 280 cities across Indonesia, contributes 1.55% to the country’s aquaculture GDP, and targets serving one million ponds by 2025.

Set ambitious goals. They fuel growth and keep your team driven.

The challenges remain: the industry has only reached 7% to 9% of its total capacity. However, Gibran believes that collaboration is the key to unlocking the potential of Indonesia's aquaculture. This, along with improving infrastructure, promoting sustainable practices, and trade negotiations, forms his vision for the future.

Remember, the journey doesn't end with reaching one goal. There's always another mountain to climb. Stay visionary, and keep collaborating.

Today, as eFishery gears up to use its funding to expand its operations, including exporting fully traceable, antibiotic-free shrimp, Gibran's journey stands as a testament to the power of a simple dream, nurtured with dedication and hard work. From the slums of Jakarta to creating ripples in the global aquaculture pond, his story is an inspiration for every founder looking to make an impact.

Earning the coveted 'unicorn' status in the world of startups doesn't come easily, and it's especially rare in the aquaculture sector. But eFishery has reeled in this title with its recent Series D funding round that raised a whopping $200 million. Led by Abu Dhabi-based 42XFund, the round saw a sea of investments from the likes of Kumpulan Wang Persaraan, Malaysia's most prominent public sector pension fund, Swiss asset manager responsAbility, and 500 Global. The current also carried along existing investors Northstar, Temasek, and SoftBank.

This funding round skyrocketed eFishery's valuation from $410 million in 2022 to an impressive $1.4 billion, catapulting it into the exclusive club of startups valued over a billion dollars. Talk about making a big splash.

Efishery's smart feeding system has been a key lure for investors. The success isn't just in the innovation, though, but also in the implementation. eFishery has successfully cast its net across 280 cities in Indonesia, serving 70,000 fish and shrimp farmers. The contribution of eFishery to the Indonesian economy is also significant, accounting for 1.55% of the country's GDP in the aquaculture sector in 2022. To understand the magnitude of this achievement, remember that Indonesia boasts the second largest fishing and aquaculture industry globally, just behind China, producing approximately 23 million tons of fish annually.

Armed with its new funding and a robust roadmap, eFishery is setting ambitious targets. The company aims to expand its reach to one million aquaculture ponds by 2025. The business model isn't just about feed management; it includes marketplaces for selling fish and shrimp feed to farmers, fresh fish and shrimp products to B2B consumers, and financial products tailored for fish farmers. The company also plans to export fully traceable, antibiotic-free shrimp as part of its overseas expansion strategy.

As eFishery sets sail on a new tide of expansion, buoyed by its recent funding and billion-dollar valuation, Gibran stands at the helm, his gaze fixed on the horizon. The student who once saw hope in a catfish pond now inspires a generation of founders. And as eFishery continues to make waves in global aquaculture, one thing remains clear: for the young CEO, the journey is far from over; in fact, the most exciting chapters may still be unwritten.

‍

Image courtesy of: eFishery