The funding round also saw participation from Great Giant Pineapple, Seeds Capital, Ocean Crest Investment, Patrick Vizzone, and Asia Capital Pioneers Group. Existing investors Latin Leap and SGInnovate also participated in the funding round.
DiMuto will use the fresh funding to scale up its product development and meet the increasing demand for agri-food trade visibility along with trade financing.
There is also a possibility that DiMuto will team up with Aleta Planet, its portfolio company, according to the chairman of Asia Capital Pioneers Group, Ryan Gwee. Aleta Planet is a FinTech firm that works on payments.
Founded in 2018 by Gary Loh, DiMuto provides a platform for collaborative commerce that offers supply chain visibility. The startup offers global supply chains with a trade technology platform that is based on –Tracking, Tracing, Transparency, and Trust.
The startup uses cloud technology, blockchain, IoT, and artificial intelligence to create collective visibility between the movement of money and goods on its platform. DiMuto’s platform allows key data collection for valuable insights thus enabling agri-food businesses to manage their supply chain efficiently.
DiMuto’s produce, trade, and market modules offer visibility on documents, product quality, and payment records for every stage of the supply chain. The ability to organize and record such data also helps the startup’s financing services to verify that ESG (Environmental, Social, and Governmental) standards are being complied with.
According to Gary Loh, founder & CEO of DiMuto, “DiMuto was really born out of my dual experiences of operating in the finance world for 15 years and operating a global fresh fruits and vegetables marketer and distributor.”
He added, “During my ten-year stint in the food industry, I realised there’s an urgent need for business leaders to be able to see all aspects of their business right down to the granular detail of each box, each payment, and each receipt, as well as see the auxiliary service providers supporting their operations. Being able to capture and have the visual confirmation of such business data on a single platform helps business leaders run the organisation better.”
Over the last six months, DiMuto has implemented its services in China, Indonesia, Malaysia, Ghana, Kenya, South Africa, and Colombia. The startup claims to have 25 more projects in the pipeline.