Asia’s first vertically integrated food supply chain ecosystem TreeDots announced today that it has successfully raised $11 million in Series A fund.
The round was led by thesis-driven venture capital firm Amasia and leading Indonesian sector-agnostic venture capital firm East Ventures. Active Fund, Seeds Capital, author Nir Eyal, and actress Fiona Xie were the other investors in the round.
Tylor Jong, Co-Founder and CEO of TreeDots, said their original insight drove them to start an oversupplied foods marketplace to match supply and demand for products that are F&B quality but prices are up to 90 percent cheaper than alternatives.
TreeDots began as a surplus food marketplace for businesses and now also serves consumers through a social commerce platform. The company has recently expanded to logistics optimization services to help enterprise customers build more efficient supply chains.
It started operations in Singapore and expanded in Malaysia last year.
Roderick Purwana, Managing Partner at East Ventures, said that they are excited with their partnership with TreeDots since suppliers now started to use their system for all of their revenue, not just food loss products.
“If one of their trucks could make one delivery to a zone, TreeDots could make five deliveries on that same trip working across suppliers,” Purwana said in a statement.
TreeDots’ gross merchandise value (GMV) has grown over 4x year-over-year.
John Kim, Managing Partner at Amasia who also led TreeDots’ seed round in 2019, said they’ve been impressed with TreeDots’ ability to drive exponential growth in the midst of difficult circumstances.
Kim added that they are excited to provide support to the company’s next chapter and co-lead the company’s Series A with their friends at East Ventures.
Meanwhile, Janet Sarah Neo, Vice President, Corporate Sustainability & Government Affairs at Lazada and Executive Board Member at Temasek Foundation Liveability, will be joining TreeDots as a Board Observer. She is part of the Amasia Leaders Program, which aims to expand access to the venture capital industry for women and minorities.