Singapore-based food and agritech startup Glife Technologies announced Wednesday that it raised $3 million in its Series A1 funding round led by venture capital investor Tin Men Capital.
The funding round will help Glife in accelerating its commercial plans, including the launch of a digital marketplace for the F&B sector and strengthening its operational capabilities within Indonesia, according to the announcement.
The fresh capital brings the agritech startups total funds raised to date to $13 million. It raised $4.96 million in its Series A in November 2021 and $2.9 million in May 2022.
Lead investor Tin Men Capital joins previous Series A investors Heliconia Capital, a wholly owned investment subsidiary of Temasek Holdings and the Hibiscus Fund, a venture capital fund managed by Malaysia’s RHL
Ventures and South Korea’s KB Investment, as part of the Dana Penjana Nasional (DPN) Programme by the Malaysian Government, in the funding round.
Glife said it will use the fresh funds to accelerate the launch and operations of its digital marketplace for F&B suppliers and merchants in Q42022 and enlarge its market share in the Indonesian market.
The B2B digital marketplace will aggregate demand for food produce from restaurants and match it with suppliers, giving restaurants better access to a variety of products as well as better prices.
The funding will also be used to further invest and strengthen its technology infrastructure as part of its goal of building an end-to-end digital supply chain solution that is fair, secure, more efficient, and sustainable for the food ecosystem.
“We aim to continue building efficiency and transparency across the food supply chain and create solutions that will uplift smallholder farmers across the region. This will further strengthen our solutions and accelerate our vision to build a better food future,” said Caleb Wu, co-founder and deputy CEO of Glife Technologies.
Founded in 2018, Glife is a B2B food and agritech company that serves as a vertically integrated food service solutions provider for the food ecosystem in Southeast Asia using technology.
The company has witnessed tremendous success over the past four years, having grown from a 20-man team in 2018 to an employee headcount of more than 250 in September 2022.
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