January 6

FoodMap Raises US $3 Million to Connect Farmers, Food Producers Directly to B2C, B2B Customers in Vietnam

By Sainul Abudheen K

FoodMap, an agritech e-commerce platform connecting farmers and food producers directly to B2C and B2B customers, has raised an oversubscribed pre-Series A round of US$3 million, co-led by Vulpes Ventures and Beenext.

Ascend Vietnam Ventures and existing investor Wavemaker Partners joined the round.

Despite recent giant growth leaps in the manufacturing and technology spaces, Vietnam largely remains an agricultural country, with about 20 per cent of the population working in agriculture and related areas. However, there exist some critical pain points — multiple middle-men layers leading to 6-7x mark-up prices for end-users and lack of quality control in food production leading to low exporting prices and lack of consumers’ trust.

Photo courtesy of Quangpraha.

Source: e27 (link opens in a new window)

Agriculture, Technology
e-commerce, food security