There’s Something Fishy About This Fish Tech Startup

An Indonesian agritech startup that raised hundreds of millions of dollars looks like a giant scam. The company, called eFishery, reportedly told investors including SoftBank that it made $752 million in revenue in the nine months to September last year, when the real amount was $157 million. This means that his income is 75% less than what he presented. You can call it pescat ponzi.

eFishery says its mission is to meet the growing global demand for animal protein by modernizing Indonesia’s fishing industry. eFishery develops technology for fish farmers, from internet-connected smart feeders to a mobile app where farmers can sell their produce. Especially shrimp it is quite high in proteinand thinking that fish farmers in Indonesia can use modern technology to increase productivity and provide for a growing global population.

Unfortunately, it seems that many fisheries do not want what eFishery is selling: “Although eFishery claims to carry more than 400,000 fish baits in customers,” Bloomberg “Preliminary studies estimate it to be only about 24,000,” he wrote. eFishery has been operating since 2013.

Bloomberg earlier informed The alleged fish fraud came after a whistleblower approached eFishery’s board with allegations that its numbers were inaccurate. In addition to the massive revenue discrepancy, company management told investors it made $16 million in profit over the nine months, when in fact it lost $35.4 million.

eFishery’s CEO was fired after a board investigation quickly uncovered accounting irregularities. According to information, the investigation is ongoing Bloombergbut it looks like someone is about to buy it Elizabeth Holmes treatment.

What is the probability that the founders of eFishery got their inspiration from 4chan?

According to the study, eFishery has lost more than $152 million since its inception. Thankfully, its backers include companies like G42, an AI firm run by the United Arab Emirates. So, they will be fine.