The Freshket team. Left to right: Komjak Rattakham (Chief of Staff), Ponglada Paniangwet (CEO & Co-founder), Saran Chiwtanasuntorn (VP, Engineering)
Thailand-based agritech startup Freshket today announced a US$23.5 million Series B funding round led by PTT Oil and Retail Business Public Company Limited (OR). The funding round also included the participation of Openspace, Betagro Holding, ORZON Ventures, and Volta Circle.
In a press statement, Freshket said that the funding round will bolster the company as it enhances its operating system through supply chain tech development, improves service efficiency, penetrates into new categories of products and extends its in-demand service to other provinces in Thailand.
It will also focus on the development of demand forecasting technology to ensure transparency for all parties, the reduction of food waste, and the effort to boost the quality of life for upstream entrepreneurs. Ultimately, these improvements will ensure even more customers can enjoy the freshest quality products at reasonable prices, with convenience of online ordering and confidence in Freshket’s service reliability.
Also Read: How Thai food supply chain startup Freshket weathered through the pandemic
Freshket Chief of Staff Komjak Rattakham said, “This funding round was part of a key strategy designed to catapult the brand to achieving rapid and progressive growth this year. Freshket will grow alongside its business networks, OR group’s distribution channels as well as other joint investors, while also developing and launching products and services shaped to meet the needs of more users.”
Founded in 2017, Freshket aims to provide the food business and its customers with access to fresh agricultural produce that was sourced from local farmers and suppliers.
In addition to household customers, its main customers are mostly restaurants and hoteliers, an industry that is worth THB200 billion (US$5.9 billion) in annual purchases. The company said that it represents a three-time volume growth on what was being achieved during the Series A funding round only 20 months ago.
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Image Credit: Freshket
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