CrowdeCrowde, an agriculture-focused peer-to-peer lending startup in Indonesia, has secured $1 million in a pre-series A round led by Mandiri Capital Indonesia (MCI), according to media reports.

Eddi Danusaputro, CEO of MCI, said that Crowde was selected on the basis that it shares the same vision as MCI. It views Crowde as a feasible investment target due to its focus on sectors deemed productive in Indonesia such as agriculture, fishery, and commerce.

Danusaputro also said that the P2P lender’s activities fit the bank’s requirements and are aligned with its mission statement. MCI usually tends to back startups in series A, but it made an exception for Crowde because of its capacity in fulfilling Mandiri’s needs, Danusaputro said, according to the reports.

The Jakarta-based startup will use the new funds to build technology that support farmers in Indonesia, said Crowde CEO Yohanes Sugihtononugroho. He further said that Crowde’s pre-series A round is still ongoing as the company looks to onboard more strategic investors. The total amount it is targeting to raise is undisclosed, according to the report.

Apart from the funding, Bank Mandiri also participated as an institutional lender for credit loans via Crowde for 100 billion rupiahs ($7.1 million).

MCI also said that it will soon lead another funding round for a company involved in financial management. Mandiri Capital Indonesia is a corporate venture capital firm operated by the country’s largest financial institution, Bank Mandiri.

by Krishna V Kurup
Senior Market Analyst at IBS Intelligence