Freshket executives
Thailand-based Freshket announced that it has raised an additional US$8 million funding round led by led by Thai President Foods or TFMAMA and Kliff Capital with continued support from existing investors, including Openspace and ECG Venture Capital.
In a press statement, a TFMAMA spokesperson said that the company hopes to support Freshket through the provision of fresh and quality ingredients for the startup’s operations following this funding round.
“We are currently expanding into new markets and customer segments while maintaining our existing customer base. Moreover, the strategic partnerships with leading Thai companies such as TFMAMA will further enhance our ability to provide a wider range of products to our customers,” said Freshket CEO Ponglada Paniangwet.
The company also intended to use the funding to support product development and strategic collaboration.
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Founded by Paniangwet, Freshket aims to transform the restaurant food supply chain by improving the process using technology, from ingredients sourcing to delivery to restaurants’ doorsteps.
The company said that it has a customer base of 26,000 restaurants, who rate the business as offering a 99 per cent service quality rate.
“This has underpinned a 40 per cent increase in Freshket’s revenue from the food service sector alone, including independent operators as well as large outlet chains,” it said.
In the previous funding round in 2021, Freshket secured a US$23.5 million (THB800 million) investment led by PTT Oil and Retail Business Public Company Limited (OR) with other companies and investment funds.
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Image Credit: Freshket
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