Supply chain disruptions due to the COVID-19 pandemic and the war in Ukraine are driving increased costs of goods and services, affecting not only the industrial sector (eg, semiconductors), but also the agricultural industry. Global food prices fell for three consecutive months, but still remained relatively higher than last year 2022 report by the Food and Agriculture Organization of the United Nations.
South Korean startup trige seeks to address this issue through its online business platform that matches global food agriculture buyers and sellers. The platform facilitates from research to ordering and enables buyers to get their food and agricultural commodities at reasonable prices in over 150 countries. Sellers can diversify their sales channels and find buyers (at an appropriate time) for perishable foods.
Tridge said Thursday that it has secured $37.2 million (50 billion won) in a Series D funding round at a postmoney valuation of $2.7 billion. The latest funding, led by South Korean private equity firm DSSet, brings Trige’s total funding to $111.7 million since its inception in 2015.
The new valuation reflects more than a nearly 440%, or 5.4x, increase. Tridge has a postmoney valuation of $500 million in July 2021 When it raised $60 million in its Series C from Korean venture capital firm Forest Partners.
Tridge says its valuation has increased in about a year as it generated revenue in Tridge’s fulfillment services business since September 2021 after raising a Series C round. Tridge, which posted less than $7.4 million (10 billion won) in sales last year, now generates between $15 million and $23 million in sales per month, according to the company.
Its fulfillment solution acts as an intermediary for over 15,000 agricultural products, helping buyers to source and get timely deliveries. Additionally, over 100,000 suppliers in 150 countries can sell their food and agricultural products on Trige’s platform. of the company market intelligence service, Launched in 2020, provides food supply chain analysis and market reports for agricultural products and commodities like apples, strawberries, tomatoes, avocados, peppers, coconuts, garlic, seafood and coffee beans. TRIZ has data covering around 15,000 agricultural products along with 50,000 price updates. (The company claims to have cumulatively collected over 1 trillion data points.) This means users can check current and past wholesale prices, quantities and market share of each agricultural product covered.
“There are a lot of real transactions now [on Tridge’s platform] Happening in a number of countries including the US, Brazil, Turkey, India, Vietnam, Australia, Tanzania, the Netherlands and Canada,” Triz founder and CEO Hoshik Shin told TechCrunch. “Sales have been increasing since September last year.”
Shin noticed the information asymmetry between food agriculture buyers and sellers in the commodity market in 2012, when he struggled to supply 60,000 tons of coal to Korean and Japanese steel companies in his capacity as a commodity investor at an investment bank. After paying a high price for coal due to a lack of transparency and information, Shin founded Trige to address the issue.
“Tridge is trying to solve problems like global supply chain collapse and inflation,” said Shin. “With this investment, we will accelerate overseas expansion plans.”
Tridge claims that it has 447,786 users today, up from 343,401 users in June 2021. The startup’s customers range from farmers to global retailers, including Costco, Kellogg’s, Walmart, Nestle, Dole, Cisco, Lotte Mart, Mitsui & Co, Carrefour and Indofood. ,
According to the company, the number of its customers naturally increased as demand for platforms such as Triz in the agriculture industry increased during the coronavirus pandemic that restricted travel and face-to-face meetings.
Shin said Tridge will use the new secured capital to launch new services, invest in its technology, and expand its overseas business, focusing on the US, Europe and other countries such as Turkey, Brazil, India, Vietnam and Tanzania. done for. Its past backers include SoftBank Ventures Asia and Active Capital.
The Seoul-headquartered company, which currently employs approximately 600 people, has established offices in 45 countries around the world, including the US and Europe.