Indonesia’s Largest AgriTech Platform EdenFarm, Raises $13.5M Pre-Series B Round Co-led by TMI, AppWorks, and AC Ventures

Editor’s Note: We’re proud to back EdenFarm, the largest agritech platform in Indonesia. EdenFarm has secured $13.5 million in its latest Pre-Series B round. The press release from EdenFarm is below:

  • Led by Telkomsel venture arm, TMI, with AppWorks and AC Ventures among other investors.
  • EdenFarm has raised $13.5 million in their new Pre-Series B funding round; proceeds from this round will advance EdenFarm’s proven profitability track record in improving farm-to-table sustainability and providing tech-based solutions to B2B food supply chain’s most pressing problems.
  • This new round demonstrates TMI’s commitment to supporting the empowerment of leading digital players while accelerating digital transformation in the country’s agricultural sector to strengthen an impact-driven and sustainable national digital ecosystem.

EdenFarm, a food service-focused startup based in Indonesia, has secured $13.5 million in its latest Pre-Series B bridge round, which was led by Telkomsel venture arm – TMI, AppWorks, and AC Ventures, also supported by Decart Ventures, Fubon Capital, Trihill Capital, OCBC NISP Ventura, Nakhla and Capria Ventures. This corporate action is Telkomsel and TMI’s commitment to nurturing the potential digital startups in the country and the Indonesian agricultural sector to be more advanced and developed through the use and optimization of leading and sustainable digital technology.

EdenFarm aims to build a food supply chain ecosystem in Indonesia that is profitable and sustainable for the farmers and all stakeholders. EdenFarm has raised $34.5 million throughout the fourth significant funding round for EdenFarm since its establishment in 2017. The funds raised will deepen EdenFarm’s penetration in key farming partners across Indonesia, improving customer experience with tech-based solutions for the country’s most pressing food security and efficiency problems.

Founder and CEO EdenFarm’s, David Setyadi Gunawan says, “EdenFarm is thrilled to team up with Telkomsel to add precision farming technologies and insights to our local farmers. Our range of products caters to all aspects of the agriculture industry, from farms to distribution, to help farmers create sustainable and profitable businesses. The recent funding will allow us to grow our presence in Indonesia and solidify our position as a leading player in the agriculture and food service sectors. We believe that this partnership with Telkomsel will significantly benefit our platform.”

“EdenFarm has seen almost 60X growth in the last 40 months and has laid the foundation to remain profitable on its path, leading amongst other players who are suffering big losses. It signifies the victorious status of EdenFarm as a market leader in agri-tech. We aim to widen the profit in the next 12 months, along with 3.5-4X growth on a YoY basis. From there, it will pursue new markets”, added David.

CEO of Telkomsel Mitra Inovasi (TMI), Mia Melinda says, “TMI believes in the important use of “tech for good” and helping entrepreneurs and small businesses with high dedication and passion for making a positive impact for Indonesia’s economy has always been our focus. EdenFarm’s strong B2B food supply chain network from upstream to downstream empowers local farmers to gain better income and create a positive impact in rural areas. Hence, we are excited to back the EdenFarm food ecosystem with funding and collaboration with Telkomsel Digital Food Ecosystem (DFE), which is one of Telkomsel’s initiatives to support the digitization in the agricultural sector, and other synergies to propel EdenFarm’s platform throughout Indonesia to secure long-term food needs.”

Adrian Li, Founder and Managing Partner at AC Ventures, said, “Strongly aligned with our firm’s ESG-focused investment philosophy, EdenFarm is operating at nearly 0% food waste and delivering a robust and meaningful impact to the livelihoods of Indonesia’s farmers. The startup is revolutionizing the country’s B2B food supply chain by addressing some of the most pressing challenges both producers and sellers face. We at AC Ventures are confident in EdenFarm’s business and are excited to participate in its latest funding round. We are proud to serve as a catalyst to drive forward EdenFarm’s mission of building a more efficient and sustainable food ecosystem in Indonesia. The impact EdenFarm is making is truly transformative, and we can’t wait to see more positive changes this team brings about in the industry.”

EdenFarm, a food-service-focused startup pioneer with a focus on B2B customers, started the business in 2017 with a vision to simplify Indonesia’s B2B food supply chain and empower the food ecosystem to improve the welfare of farmers, food and culinary business actors through accurate demand consistency, various training, and technological support. EdenFarm serves more than 50,000 customers in the B2B segment, ranging from the secondary market, culinary SMEs, and HORECA to startup partners.

About EdenFarm 

EdenFarm is a pioneer in B2B food service focused startups in Indonesia, whose mission is to build an efficient food ecosystem for farmers and food & culinary business. Leveraging technology to empower local farmers and create a positive impact in rural areas, EdenFarm aims to simplify food supply chains and, at the same time, helps to improve farmers’ welfare through accurate demand consistency and various training. Supported by local and global investors, EdenFarm now operates in 14 cities and three districts throughout Java and continues to serve over 50,000 B2B customers throughout the island. EdenFarm’s user-friendly mobile app is available on the AppStore and Google Play Store.

For more information, please visit

[If you are a founder working on a startup in SEA, or working with web3 / DAO and AI / IoT, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.]

Why We Invested: The Decentralized Quartet of Origami, Inc.

Jack An, Analyst (安良方 / 分析師)

Jack is an Analyst covering AppWorks Accelerator. Before joining the team, he was a co-founder and early team member at two InsurTech startups, where he developed a passion in user experience and product development. Previous to his startup journey he worked as a commercial property underwriter at Chubb Insurance in New Zealand. Jack graduated with a Bachelor of Music from Waikato University where he studied classical piano. He loves to cook, read and is a practicing stoic.

With the introduction of a new form of asset ownership such as fungible tokens (cryptocurrencies) and non-fungible tokens (NFTs) powered by blockchain, accounting for production value is perhaps at the most efficient point in human history. These new tools – and any other tool that came before – change human behavior as suddenly the world we perceive now works differently. This could very well be the first ripple to forever change how humans organize and collaborate with each other. 

Decentralized Autonomous Organizations, DAOs for short, is envisioned to be a re-invented form of community-owned organization that follows rules encoded by computer program, decision making and financial transactions following these rules are transparently made for the community and kept on blockchain ledger, creating this “trust-less” environment that open up the possibility for organizations to function without relying on total oversight such as the government or a few selected authoritative. This allows organizations to operate from anywhere in the world, as they are incorporated on-chain instead of with local sovereign regimes, and the payment for these operations can also be made to anyone in the world leveraging cryptocurrencies and NFTs.

DAOs really took off this year as all sorts of communities adopted this form of on-chain organization from gaming to DeFI, to social and non-profit organizations. The most prominent and immediate DAOs that are seeing strong traction right now are investment DAOs where people pool money together and make investments similar to an angel club. These on-chain investment DAOs are able to invest in both NFTs and tokens, while people in the DAO possess something representing their ownership stake of the collective funding. Investment DAOs have seemingly found a product-market-fit (PMF) this year. 

That’s why we are very excited to make our investment into Origami, Inc., launched by veteran founder and crypto native Ben Huh, alongside Bloomberg Beta, Protocol Labs, Dylan Field, Balaji Srinivasan, and many others. Ben  and his co-founders are extremely passionate about helping humans co-create their tribes and organizations by building tools and playbooks that can help scale these organizations into the future. 

Origami co-founders – a true test to decentralization organization

The co-founders of Origami are spread across different time zones. Ben (CEO) and Johnny Chin (CGO) are both based in San Francisco, while Matt Voska (COO) is in Rio de Janeiro, Brazil, and Stephen Caudill (CTO) is based in Colorado. This made scheduling our calls slightly difficult with AppWorks being in Taipei. But in those early morning calls we were still able to really find resonance with the team’s passion for collaboration, even with thousands of miles between them. Which stands as a solid proof that DAOs can work and they can work very well together.

Being decentralized, the team was naturally formed on the internet like most DAOs these days. But more than just randomly DM’ing each other, the Origami team already had an interesting track record together co-founding OrangeDAO and raising US$80 million to back ambitious crypto founders around the world. The team initially connected as they were all part of different Y Combinator programs, but as YC didn’t really focus on crypto and web3, the Origami founders turned their maxed-out WhatsApp crypto group of 256 people into OrangeDAO with over 1,000 members.

The founding of OrangeDAO wasn’t by luck either. Just before the WhatsApp group started, Ben was introduced by friends to some famous internet cats that took the crypto world by storm – Cryptokittes – created by Dapper Labs, an AppWorks portfolio. Ben is a veteran when it comes to cats on the internet, having built (ICHC), a collection of User Generated Content (UGC) websites fueled with memes. And at the prime of their operation had 400 million unique views per month.

Ben immediately made the connection between the relationship of blockchain and how it can power communities in a whole new way. With his time at ICHC, Ben and his team cultivated thriving communities that produced endless streams of new content, metas, and derivative content of everything in between. However, there simply wasn’t a way to account for the values created by the community itself nor the value of cultivating the community itself. This problem seems finally solvable with the new tools brought to us by blockchain.

Onboarding the next 100,000 DAOs

The team took their learnings from OrangeDAO and made it into a framework for other investment DAOs to adopt, including Kauffman Fellows VC3 DAO, Techstars Constellation DAO, and Bessemer Venture’s BessemerDAO. But it doesn’t just stop there. Although investment DAOs have found PMF this year, there are also countless other DAOs formed and operated across Decentralized Finance, web3 gaming, open-source NFT governance, social clubs, and so much more that in 2021 alone the assets held by DAO treasuries grew 40x to US$11 billion in one year. Even the 2022 Taipei Blockchain Week is run and hosted by a DAO dubbed Bu Zhi DAO.

However, it isn’t easy to run a DAO. A lot of DAOs struggle to keep their communities engaged, select the best voting style for their community, or still find it difficult to properly communicate among their peers. And this is where Origami comes in. With the funding, Origami will be able to scale up technologies and support a variety of DAOs, with their framework in tandem to provide these new organizations a guideline on how to optimize coordination in voting, decision making, and member management so they can produce a consensus decision wherever they are and in whatever field of focus.

Places to belong

Ben, the Origami team and their investors, including we at AppWorks, all believe DAOs will play a very crucial role through onboarding general users and giving them their first web3 aha moment. At the end of the day, humans are a very diverse bunch with all sorts of different wants and needs, and each of us desires to belong and spend our time here on earth on things we find meaningful. We’ve already witnessed the result of connecting diverse communities and organizations that span around the world via Reddit or other forums alike. But for the very first time, these assorted forums of fascination can now be so much more than just text with efficient organization powered by DAOs.

At AppWorks, we look for great founders who are building new and innovative models. We’re honored to have the privilege to partner with Ben and the entire Origami team as they continue to push the envelope on DAOs and how people organize in the digital age.

[If you are a founder working on a startup in SEA, or working with web3 and AI / IoT, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.]

Why We Invested: Marius Ciubotariu, Co-founder of Hubble Protocol

Jack An, Analyst (安良方 / 分析師)

Jack is an Analyst covering AppWorks Accelerator. Before joining the team, he was a co-founder and early team member at two InsurTech startups, where he developed a passion in user experience and product development. Previous to his startup journey he worked as a commercial property underwriter at Chubb Insurance in New Zealand. Jack graduated with a Bachelor of Music from Waikato University where he studied classical piano. He loves to cook, read and is a practicing stoic.

Decentralized finance (DeFi) is without a doubt one of the most revolutionary inventions of the 21st century. The “decentralization” part of DeFi refers to the core qualities of blockchain technology – censorship resistance, permissionlessness, and trustlessness. As long as one can connect to the internet, one can access to and ultimately benefit from financial goods and services. A basic need that most of us in the developed world often take for granted. 

Factors like having a stable currency that does not lose purchasing power abruptly, or having a variety of yield generating financial instruments that protect and add to our wealth – these are issues that many people in developing economies face. It is frightening to consider losing access to technologies that can secure your financial nest. And that’s why building a resilient DeFi system is extremely important. 

Apart from the underlying blockchain network that computes and supports DeFi, “stablecoins” – a digital currency whose value is pegged to a real-world currency, most commonly the US Dollar – plays an instrumental role in DeFi because it provides a consistent manner of storing and transmitting value, a necessity for all financial operations.

Nevertheless, stablecoins are not all created equal due to the fact they use different methods to peg their value to the dollar. Some stablecoins are centralized, giving control to a single authority, which can lead to censorship, manipulation, or act as a single point of failure, ultimately weakening the entire DeFi system.

This is why we are thrilled to be supporting Marius Ciubotariu, co-founder of Hubble Protocol. Marius and his colleagues are developing a decentralized stablecoin system that aims to create a fully censorship-resistant stablecoin that can stand the test of time, to securely facilitate the DeFi ecosystem in the long run.

Connecting the dots backwards

Marius started his journey in technology early. At the age of 13, devoted to making money with his mind, he began learning how to code and participated in many coding olympiads and contests in his childhood. Marius’ passion for technology continued, and by the time he turned 16, he was already taking on projects as a software developer to support himself and earned a sizable income. 

Initially, it was a straight path to becoming a software engineer after college. However, at the suggestion of his father, he decided to pursue an undergraduate in business instead. Marius’s fascination with finance and economics led him to become a sales analyst at Bloomberg in 2016. Through analyzing markets and trends, he saw the future where “software eats the world” and didn’t want to sit on the sidelines and watch this happen.

Marius made the jump within Bloomberg to begin developing the technology that runs the products Bloomberg were selling, as well as attempting to launch multiple software products outside of work. He became Bloomberg’s internal Rust champion, shipping their first-ever Rust-based infrastructure project. At the same time, Marius began studying blockchain and was intrigued with AMMs and lending products that offered real-world utilities, as well as the multidisciplinary requirements needed to establish them.

Marius recognized the importance of DeFi and the role stablecoins play in this emerging field, which is why he is taking on the difficult task of developing a censorship-resistant, permissionless, and trustless stablecoin. Looking back, his ambition and perseverance to excel and his expertise in engineering and finance creates the perfect combination for the foundation of Hubble Protocol.

Stablecoins adoption continues to soar 

When customers put up over-collateralized loans, Hubble Protocol issues “USDH” stablecoins. To do so in a decentralized manner, the platform must also include mechanisms to self-govern and rebalance loans at risk. Building a resilient infrastructure capable of timely managing loan positions in the face of crypto’s rapid price changes is no easy feat in and of itself.

However, attracting individuals to take out over-collateralized loans is also a difficult task. Hubble’s goal together with Marius’s experience is to create winning strategies as structured products that are principal-guaranteed that maximize return. Furthermore, the team is also working on tools that will eventually support under-collateralized loans in order to attract a larger market of consumers and expand the total DeFi market.

The stablecoin market has expanded dramatically, with the total value of stablecoins issued reaching around US$185 billion in April 2022, up from US$30 billion in the beginning of 2021. This bodes well for the Hubble protocol, which itself is dedicated to developing the most resilient and commonly used stablecoin.

Fighting the good fight

The Hubble protocol team is focused on building a DeFi platform the right way the first time, given the early stages of DeFi and the constant regulatory challenges. It is essential to maintain an open and censorship-resistant DeFi ecosystem to ensure that access to financial products remains a basic human right. As supporters of the Hubble protocol team, we are excited about what they are building and are looking forward to being part of their journey.

We look for strong founders who are using innovative technologies like DeFi to address real-world problems. We’re thrilled to work with Marius and his team at Hubble Protocol as they continue to spread the fundamental value of DeFi and blockchain to all around the world.

If you are a founder working on a startup in SEA, or working with web3 and AI / IoT, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.

Virtual Real Estate Marketplace, Parcel, Raises $4M in Round Led by Framework Ventures

Editor’s note: Congratulations to Parcel on another great milestone. As the virtual real estate economy grows, Parcel aims to be the leading one-stop-shop for landowners and creators in the metaverse. AppWorks is excited to be a part of the journey. The press release from Parcel is below:

Parcel, an NFT marketplace for virtual real estate, has raised $4 million in a seed round led by Framework Ventures, a venture capital firm known for its early entry into Web3 and decentralized finance (DeFi). Additional participants in the round include Fifth Wall, Blizzard Fund (Avalanche), AVIV Group (Axel Springer), AppWorks, Great Oaks, and Serafund; as well as an impressive roster of angel investors including Aaron Wong (SoftBank), Sebastien Borget (The Sandbox), and Santiago Santos.

Co-Founders Ian Mukherjee and Noah Gaynor

By aggregating digital land listings and architectural services for virtual landowners, sellers, and builders, Parcel is the first comprehensive marketplace tailored exclusively for the virtual real estate economy. Parcel launched in July 2021 amidst a virtual real estate market that generated more than $500 million in sales in the 2021 calendar year and has already surpassed $1 billion in sales during the first half of 2022. The platform aggregates real estate listings across several of the largest virtual worlds on the Ethereum blockchain, including The Sandbox, Decentraland, Voxels, Somnium Space, Mona, and NFT Worlds. Multi-chain support on Avalanche and Polygon is planned for later this year.

Parcel’s marketplace offers interactive, data-rich visual maps to help users more seamlessly navigate the virtual real estate ecosystem. Parcel also provides real-time price appraisals for open listings and utilizes a proprietary gas-efficient smart contract to facilitate sales, enabling users to buy and list land for half the cost of gas fees found on existing NFT marketplaces. For a limited time, Parcel is reimbursing gas costs for wallets that list land on its marketplace.

“The ongoing growth of the digital land ecosystem presents endless opportunities for creators and investors,” said Noah Gaynor, Co-Founder and CEO of Parcel. “However, to build a truly successful metaverse economy, users need a marketplace solution that not only encourages the sale and transaction of digital land, but the development of valuable projects and businesses across virtual worlds as well. By aggregating resources for all metaverse stakeholders – from prospective landowners and sellers to virtual world service providers and architects – Parcel provides the full suite of services needed to build a thriving metaverse.”

To encourage the development of diverse projects and services across virtual worlds, Parcel is developing a comprehensive creative directory known as Creatorverse. Through Creatorverse, landowners will be able to easily discover and employ virtual architects and service providers by browsing their portfolio of digital work. Parcel also offers Learn, an educational platform that helps seamlessly onboard new users and advance knowledge for the Web3 community.

“Though the metaverse land market has grown rapidly over the last year, the market is still quite fragmented between various virtual worlds,” said Michael Anderson, Co-Founder of Framework Ventures. “We believe Parcel is uniquely positioned to unify the virtual real estate ecosystem and lead the development of an open and thriving metaverse. We’re very proud to work alongside their team as they become the leading marketplace for the virtual real estate economy.”

The funds from the round will be utilized to continue developing Parcel’s feature set for the Creatorverse and expanding marketplace listings to virtual worlds beyond the Ethereum ecosystem.

About Parcel

Parcel is on a mission to empower people with the tools they need to find their home in the metaverse. Born out of an industry that was scattered and lacked transparency, Parcel developed the first comprehensive marketplace tailored exclusively for virtual real estate. By aggregating digital land listings and fostering connection between landowners and creators, Parcel offers the full suite of services needed to build a thriving metaverse community and economy. To learn more, visit and join the community on Twitter @ParcelNFT.

If you’re a founder working on web3 / DAO, AI / IoT, or Southeast Asia, you’ve come to the right place! Applications for AppWorks Accelerator

Flow Launches $725 Million Ecosystem Fund to Drive Innovation Across the Flow Ecosystem

Editor’s note: We’re thrilled to join Flow Ecosystem Fund to provide developers with support in building applications on the Flow blockchain through investments, FLOW token grants and in-kind support. The press release from Flow is below:

・a16z, AppWorks, Coatue, Greenfield One, Liberty City Ventures, Union Square Ventures and other global firms to support Flow developers through investments, FLOW token grants and in-kind support.

・Largest joint ecosystem fund to fuel next-generation of applications.

Flow, the Web3 platform powering next-generation games, apps and digital assets including NBA Top Shot and NFL All Day, announced a new $725 million Ecosystem Fund designed to hypercharge innovation and growth across the Flow community.

The largest joint commitment made towards any blockchain ecosystem, the Ecosystem Fund participants will provide existing and future developers with support in building applications on the Flow blockchain through investments, FLOW token grants and in-kind support.

Participants include industry-leading firms that have backed several of the most successful Web3 companies, such as a16z, AppWorks, Cadenza Ventures, Coatue, Coinfund, Digital Currency Group (DCG), Dispersion Capital, Fabric Ventures, Greenfield One, HashKey, L1 Digital, Mirana Ventures, OP Crypto, SkyVision Capital, Spartan Group, Union Square Ventures, and Dapper Ventures.

“We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading investors in Web3 through their commitment to this Fund,” said Roham Gharegozlou, CEO of Dapper Labs. “With their active participation and support, the Ecosystem Fund has the opportunity to become a real game-changer for the 7500+ strong and fast-growing developer community in the Flow ecosystem.”

With a focus on enabling more distributed and equitable Web3 opportunities to developers around the globe, participants will focus on providing support for gaming, infrastructure, decentralized finance, content and creators. The resources are expected to be used by developers for product development, product scaling, team expansion, user acquisition and general operating expenses.

“The Ecosystem Fund is an opportunity to power the next generation of developers across the global Flow community,” said Dan Rose, Chairman of Coatue Ventures. “Coatue has already backed multiple companies building in the Flow ecosystem including Dapper Labs, Crypthulu and Faze Technologies, and we are excited to play an active role in enabling more Web3 opportunities.”

In addition to financial support, the developers in the Flow ecosystem will be able to leverage expertise via informational events, office hours, accelerators & incubators, subsidized office space and similar initiatives. For example, investors will provide Flow teams office space in cities such as Berlin (Greenfield One) and Asia (for AppWorks Accelerator program), and Liberty City Ventures will be providing two scholarships for college students to work on Flow-related projects. As a Venture Partner for Bybit and BitDAO, Mirana Ventures will also help catalyze strategic collaboration opportunities for Flow projects.

“As web3 accelerates and sophisticated app developers search for the best platforms, Flow is perhaps the best decentralized blockchain built for the scale, security, and ease of use most modern startups need to succeed.” said David Pakman, Managing Partner at CoinFund. “The Flow Ecosystem Fund will be a huge accelerator of innovation and growth on the platform and we at CoinFund are excited to work with this talented community to help drive innovation and growth.”

Originally developed by Dapper Labs to create more efficient, secure and scalable proof-of-stake blockchain experiences, Flow is an open-source, developer-friendly and energy efficient blockchain built for consumer applications. With global partners including the NBA, NFL, UFC and Dr. Seuss; unicorn developers such as Animoca and PlayCo; and emerging projects such as Genies, Fancraze and Cryptoys, Flow has seen daily transactions triple since September 2021 as it has grown into the leading blockchain for non–fungible token (NFT) sales by number of NFT transactions. 

To learn more about Flow and the Flow Ecosystem Fund:

About Flow

Flow is the blockchain designed to be the foundation of Web3 and the open metaverse, supporting consumer-scale decentralized applications, NFTs, DeFi, DAOs, and more. Powered by Cadence, an original programming language built specifically for digital assets, Flow empowers developers to innovate and push the limits that will bring the next billion to Web3. Created by a team that has consistently delivered industry-leading consumer-scale Web3 experiences including CryptoKitties, Dapper, and NBA Top Shot, Flow is an open, decentralized platform with a thriving ecosystem of creators from top brands, development studios, venture-backed startups, crypto leaders, and more.

For more information:

【If you’re a founder working on web3 / DAO, AI / IoT, or Southeast Asia, you’ve come to the right place! Applications for AppWorks Accelerator.】