“The Tech-Savvy Agri-Startup: How One Company Revolutionized Durian Farming with Cutting-Edge Technology”

In episode 3 of Shark Tank Vietnam’s seventh season, Mr. Nguyen Do Dung, Co-founder and CEO of Enfarm Agricultural Technology Company, began his pitch to the sharks by stating that “even the soil and trees can now speak to help farmers understand their gardens” through the company’s smart nutrition measurement technology.

The startup’s goal was to raise 5 billion VND in exchange for 5% equity.

Soil Measurement Technology with “Lab-Equivalent Accuracy” and the Lowest Cost in the World

“Our ancestors said that water is second only to fertilizer in importance, but due to a lack of information, farmers are using fertilizer very inefficiently. 60% of fertilizer in Vietnam is not absorbed by plants, resulting in a waste of up to $3.6 billion annually. If divided equally among farmers, each is losing two months’ worth of average income.

It’s not just a matter of waste and the environment; over-fertilization and over-irrigation can also reduce crop yields, as is the case with the billion-dollar durian fruit. Most durian farms lose about 50% of their yield due to flower and fruit drop caused by water, heat, and fertilizer shock. With Enfarm’s technology, this is a thing of the past,” said the confident CEO.

Enfarm provides in-ground sensors to measure soil nutrition, transmitting data to a smartphone app. In addition to providing information on moisture, temperature, pH, and more, the app also offers consulting and suggestions to farmers based on this data.

Mr. Dung shared that Enfarm’s “long-pulse” technology involves converting data from low-cost, durable sensors into useful information for farmers, with “lab-equivalent accuracy meeting ISO standards.” This effectively gives each farmer a 24/7 agricultural expert by their side.

“It can be said that Enfarm possesses the most accurate and cost-effective soil measurement technology in the world,” Mr. Dung asserted.

He provided evidence that in Malaysia, similar technology costs $9,000 but can only measure moisture and pH. In contrast, Enfarm’s technology is much more affordable, starting at just 600,000 VND, and can measure NPK (nitrogen, phosphorus, and potassium) levels.

Shark Nguyen Hoa Binh questioned the novelty of the technology, pointing out that soil measurement technologies from China and Israel have been around for a long time. However, Mr. Dung countered that measuring NPK is extremely difficult, and “no one has been able to do it effectively yet.”

Another notable aspect is that with its high accuracy, Enfarm’s device must function as a “specialist doctor,” specifically tailored for coffee and durian trees—crops that offer high economic value in Vietnam. The company has employed machine learning techniques, studying around 1,000 soil samples to uncover the relationship between nutrient content, moisture, pH, and other factors. This has allowed them to develop a formula for measuring soil nutrition.

In terms of business performance, with an initial investment of over 15 billion VND, Enfarm spent two years developing its technology. They began pilot sales after the 2024 Tet holiday and, by the time of their appearance on Shark Tank, had sold 500 sensors, generating approximately 1.5 billion VND in revenue. In June alone, they sold 300 sensors.

Looking ahead, Mr. Dung expressed his desire to develop a subscription model that includes both the device and fertilizer. As an example, he mentioned that coffee farmers spend 30-40 million VND on fertilizer per hectare. He plans to charge 20 million VND but guarantees equivalent or higher yields compared to pre-technology usage.

Boldly Rejecting Two Sharks Due to Low Valuation

Shark Binh commented that Enfarm’s appearance on Shark Tank was a bit premature, as the company has great potential but is still in its early stages. While he declined to invest, Shark Binh remained interested in the startup and offered to meet again at a later funding round when more data is available.

Sharing a similar sentiment, Shark Minh Beta also declined to invest due to hesitancy about the numbers. Shark Nguyen Phi Van likewise declined, as technology is not her forte.

Shark Pham Thanh Hung offered a slightly different deal: an initial investment of 1 billion VND for 5% equity, with the remaining 4 billion VND to be invested through another arrangement to be negotiated during the due diligence process.

When asked about his potential contributions to the startup, Shark Hung mentioned that he holds a Master’s degree and has a partner with a Ph.D. in a related field. Additionally, he could assist in connecting the startup with research institutes in Europe and help structure their business model for monetization.

Shark Nguyen Van Thai also showed interest, proposing to invest 6 billion VND for 30% equity, with the investment to be disbursed over a year depending on the actual business results.

After hearing both offers, Mr. Dung felt that the valuations proposed by the sharks were too low. Moreover, Enfarm had already received investment decisions from three domestic and foreign funds. As a result, he bluntly rejected both offers, even when Shark Thai suggested further negotiations.

“Of course, this is a risky investment in a product at an early stage. However, the scientific validation is evident through our work with several large corporations and research institutes. They all recognize this as a breakthrough and see a market of billions of dollars in a country like Vietnam, where agriculture is a key sector,” the CEO argued.