fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result

Agritech startup Fortuna Cools raises funding to launch products in PH

Team AsiaTechDaily by Team AsiaTechDaily
25 May 2021
in Uncategorized
0
Fortuna Cools
62
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

Philippine agricultural technology (agritech) startup Fortuna Cools has raised an undisclosed sum in its seed funding round led by ADB Ventures, the impact investment arm of Asian Development Bank.

Katapult Ocean Fund, Pasudeco Development Corporation, Manila Angel Investors Network, she1k, and Nardo Holdings also participated in the funding round that will help launch the startup’s products in the Philippines.

Fortuna Cools manufactures upcycled coconut fiber material coolers alongside small-scale agricultural communities and the NGO Rare. The coolers were designed first and foremost to help fishermen preserve their catch without relying on fragile Styrofoam boxes.

The Nutshell Cooler is the company’s first consumer product, extending the product line beyond insulated packaging. The cooler also stands out for its unique collapsible design and striking aesthetics.

The UN Development Program awarded Fortuna’s Coconut Cooler the Ocean Innovation Prize in 2021 to accelerate the shift from plastic foam to biodegradable alternatives.

“Fortuna’s nature-based insulation solution not only aims to replace plastic foam but in doing so will provide communities with a more robust and lower cost cold storage solution,” said Ross Brooks, investment manager at Katapult Ocean.

The startup said it will use the fresh capital to grow its sales and engineering teams and boost its higher production volumes to reduce unit costs and benefit more farmers.

“We hear the demand for less plastic waste among everyone from fish traders to sunbathers, while small-scale coconut farmers have no choice today but to burn their piles of leftover husks. We’re proud to pioneer a new kind of cooler, and we’re proud that positive impact is built into every fiber we use,” said Fortuna Cools co-founder and CEO David Cutler.

The funding comes as agriculture remains one of the essential, if not the most essential, industry in the country. The Philippines is still primarily an agricultural country despite the plan to make it an industrialized economy by 2000.

The country’s agriculture sector is made up of 4 sub-sectors: farming, fisheries, livestock, and forestry, which together employ 39.8% of the labor force and contribute 20% of GDP.

Previous Post

Indonesian ticketing startup Tiket gears up for public issue  

Next Post

SG startup Eezee eyes procurement digitalization after raising fresh funding

Related Posts

edit post
Harriet
Accelerator

Harriet launches ‘The Female Founder Series’ with Wavemaker, B Capital, 1982 Ventures

March 27, 2023
edit post
Auros
Featured

Trading platform Auros receives $17m in latest funding round

March 27, 2023
edit post
Gaspack
Featured

Gaspack scores additional funding from eMerge, Arise

March 27, 2023
edit post
Etana
Health & Bio

Indonesian biotech startup Etana secures funding to bring products to SE Asia

March 27, 2023
edit post
Korean startup AITest.AI has established itself as a market leader in training to meet the growing demand for education in AI system testing. Recently, AITest.AI launched an innovative AI-testing training course on Udemy, a global e-learning platform, and has attained the topmost position in this field.
AI & Big Data

AITest.AI Emerges as Global Leader in Artificial Intelligence System Testing Training

March 28, 2023
edit post
PhonePe
Featured

Indian fintech PhonePe raises $200m more from Walmart

March 21, 2023
Next Post
edit post
Eezee

SG startup Eezee eyes procurement digitalization after raising fresh funding

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback