Agrifood Trading Platform Secures $60m Investment
With the money from Forest Partners, the food market intelligence and digital trading hub is now valued at $500m.
Tridge, the digital trading and market intelligence hub for food and agriculture buyers and suppliers, has completed Series C investment worth $60m from Forest Partners to help it scale and meet demand from food businesses searching globally for alternative sources as traditional supply lines are hit by increasing disruption and risk.
The investment came from Forest Partners, an alternative investment firm founded in July 2016. The firm currently manages over $300 million under its venture capital and private equity divisions. Forest Partners’ venture capital division manages a diverse set of venture capital funds starting from Pine Tree I and has invested in 28 companies which have been garnering attention for rapid growth.
This investment edges Tridge closer to being one of South Korea’s next tech unicorns with a current market value of $500m, up from $140m since its last funding round in April 2020. Tridge has attracted 50,000 buyers since formally launching its market intelligence and fulfilment services in October 2020. The company expects its fulfilment revenue to reach $300 Million by the end of 2021.
Demand for Tridge’s service soared in 2020 when the logistics congestions and travel restrictions caused by the pandemic forced buyers and suppliers to seek digital solutions to supply and demand challenges. Over 300,000 visitors are now visiting the platform every month to source products through Tridge, a sign that confidence in digital trading is increasing.
Hoshik Shin, CEO, Tridge, said: “The food and agriculture sector is one of the most fragmented sectors and buyers and suppliers struggle to find the right information or partner. Our market intelligence works as a vessel to help them come together; we are the bridge to connect and help them start new trading relationships in the most efficient and reliable method as possible”.
The latest investment will help Tridge continue scaling its fulfilment service and global reach to meet the purchasing needs of major clients. Specifically, Tridge is looking to expand its global physical presence by setting up businesses and co-packing/warehousing facilities in 50 strategic countries.
Tridge’s headcount has tripled since early 2020 and it plans to expand further in its Seoul HQ’s fulfilment and platform development teams, as well as recruiting more Engagement Managers By the end of 2021 Tridge plans to have grown this team to 500 and provide a more robust coverage in each of these countries.
You can find more information about Tridge and its $60m investment on its website.
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