Vietnamese agricultural technology (agri-tech) company FoodMap has raised $1 million in a bridge round to fund its expansion into new markets, according to DealStreetAsia.
The round saw the participation of previous investors in FoodMap, including Vulpes Investment Management, Beenext, and Wavemaker Partners. A Singaporean company also joined as a new investor.
FoodMap has raised $4.5 million since its establishment, including a seed funding round of $500,000 from Wavemaker Partners in 2020 and $3 million in a Series A funding round led by Vulpes Ventures and Beenext in early 2022.
“Utilizing technology, FoodMap has created multiple applications and solutions to improve each link in the supply chain, such as agricultural product procurement and operational processes, helping the company get closer to customers,” said Mr. Pham Ngoc Anh Tung, Founder of FoodMap. “FoodMap has also developed its own internal traceability system, Dtrack, serving mostly B2B customers.”
With this new funding round, Mr. Tung revealed a focus on exports, with China and New Zealand identified as target markets.
FoodMap is an e-commerce platform that directly connects farmers and agricultural producers with individual customers or business customers. The FoodMap website specializes in providing products related to safe agricultural produce that can be traced back to their origin when reaching end-consumers. The FoodMap platform has served 100,000 customers, including individuals and businesses.
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