FoodMap, an agritech e-commerce platform connecting farmers and meals producers on to B2C and B2B clients, has raised an oversubscribed pre-Sequence A spherical of US$3 million, co-led by Vulpes Ventures and Beenext.
Ascend Vietnam Ventures and present investor Wavemaker Companions joined the spherical.
Regardless of current large development leaps within the manufacturing and know-how areas, Vietnam largely stays an agricultural nation, with about 20 per cent of the inhabitants working in agriculture and associated areas. Nevertheless, there exist some important ache factors — a number of middle-men layers resulting in 6-7x mark-up costs for end-users and lack of high quality management in meals manufacturing resulting in low exporting costs and lack of shoppers’ belief.
Additionally Learn: Want of the hour: How agritech platforms can shield farmers from local weather change
FoodMap addresses these ache factors utilizing know-how.
Launched in 2020 by Pham Ngoc Anh Tung, FoodMap goals to unravel the hole between demand and provide throughout the invisible provide chain with a back-end administration system for farmers and suppliers.
“FoodMap needs to assist each side of the equation by optimising the manufacturing course of, elevating the worth of Vietnamese meals merchandise, and growing visibility throughout the availability chain to strengthen clients’ belief. We at the moment concentrate on recent merchandise, seafood, chosen meats, ready-to-cook and non-perishable merchandise”, Tung shared.
At present, FoodMap provides merchandise from over 300 farmers and producers to Vietnam. It allows clients to entry FoodMap’s product by way of an e-commerce platform and cell app. All merchandise listed on FoodMap include a QR code.
For farmers, FoodMap will increase their revenue by roughly 10-20 per cent for his or her uncooked merchandise whereas lowering inefficient mark-ups throughout a number of layers of intermediaries. As well as, it supplies them with insights and analytics for future harvest planning.
As for suppliers, it brings their model and story to the web viewers and begins digitising gross sales. For instance, for some long-standing manufacturers, FoodMap has began producing as much as 50 per cent of their whole gross sales quantity. However, it affords high quality management and product discovery for patrons.
“One factor that units FoodMap aside from different foodtech gamers is our deep understanding of shoppers’ style and constructing merchandise accordingly for his or her non-public label choices. This helps generate excessive margin, model loyalty, and exclusivity as aggressive benefits,” added Tung.
FoodMap at the moment has 5 non-public label merchandise — tea & espresso, fruits, ready-to-cook, chocolate, and seafood, which generate the majority of Foodmap’s topline and margin.
Additionally Learn: Inexperienced for good: 9 agritech startups in Southeast Asia preventing deforestation
The agency at the moment operates from its two warehouses in Ho Chi Minh metropolis with chilly storage. For deliveries, most merchandise are delivered inside 24 hours to make sure buyer satisfaction.
FoodMap plans to extend its B2B presence with rising demand from each trendy commerce and common commerce shops.
On the B2C facet, FoodMap not too long ago launched a gaggle shopping for associates program to allow social promoting amongst its clients.
—
Prepared to fulfill new startups to put money into? Now we have greater than a whole bunch of startups prepared to attach with potential buyers on our platform. Create or declare your Investor profile at present and activate e27 Join to obtain requests and fundraising data from them.
Picture Credit score: FoodMap
The put up FoodMap raises US$3M to attach farmers, meals producers on to B2C, B2B clients in Vietnam appeared first on e27.