IGrow

iGrow operates as a peer-to-peer lending platform based in Indonesia, focused on the agricultural sector. Founded in 2014 by Andreas Senjaya, Jim Oklahoma, and Muhaimin Iqbal, the company facilitates connections between farmers, landowners, investors (referred to as 'backers' or 'lenders'), and crop buyers. The founding team combines diverse expertise: Andreas Senjaya has a background in computer science from the University of Indonesia and previously co-founded a mobile development agency, Badr Interactive. Muhaimin Iqbal, an agricultural and food engineer from Bogor Institute of Agriculture, brings extensive experience in the plantation sector and Islamic financing. Jim Oklahoma holds a degree in Statistics from Universitas Gajah Mada and manages business development, including user interface and tools.

The company's business model centers on crowdfunding for specific agricultural projects. iGrow identifies marketable commodities, secures farmland, and then offers these projects as investment units on its platform to retail and institutional lenders. Once a project's funding target is met, the capital is disbursed to farmers who carry out the cultivation. The platform provides a monitoring system for investors, offering periodic progress reports with photos and project details. Revenue is generated through a profit-sharing model; after the harvest is sold to partner merchants, which include large supermarkets, the profits are distributed among the farmers and investors, with iGrow taking a share of the returns. This model aims to address the challenge of underutilized land and underemployed farmers in Indonesia by synergizing capital, agricultural skills, and market access.

The platform's service is often described as a real-life "Farmville," allowing individuals without land or farming skills to participate in and profit from agriculture. Investors can browse various crop options, such as peanuts and avocados, and invest based on their budget and expected returns. Beyond the digital platform, iGrow manages an offline ecosystem, employing field surveyors to assist farmers with production management and progress tracking. Significant milestones include being accepted into the 500 Startups accelerator program in Silicon Valley and receiving seed funding from investors like East Ventures and 500 Global. In April 2021, iGrow was acquired by the Indonesian fintech firm LinkAja, becoming an operating subsidiary to strengthen its position in the productive financing sector. More recently, the company has faced challenges, including lawsuits from retail lenders over non-performing loans and credit defaults, leading to regulatory oversight from Indonesia's Financial Services Authority (OJK).

Keywords: agricultural finance, peer-to-peer lending, agritech, crowdfunding, impact investing, Indonesian agriculture, sustainable farming, organic food, smallholder farmers, crop financing, farmland investment, profit sharing, financial inclusion, fintech, LinkAja, Andreas Senjaya, Jim Oklahoma, Muhaimin Iqbal, ag-fintech, agricultural investment platform