Kita Founder and CEO Marc Concio
Philippine startup Kita Agritech has secured US$3 million in an “oversubscribed” seed funding round co-led by Gentree Fund and Altara Ventures.
Kita plans to use the money to digitalise the agriculture supply chain using big data and AI technologies.
Kita was launched in 2022 as a supplier of fruits and vegetables for restaurants in Metro Manila. The company supported local farmers by financing their agricultural inputs and directly procuring their goods for distribution to various enterprises, such as hotels, restaurants, and food manufacturers.
According to the company, this approach eliminated the expenses linked to conventional supply chain systems, ensuring profitability for farmers, and delivering the freshest, top-quality produce and ingredients to clients.
Also Read: Altara Ventures hits the final close of inaugural fund oversubscribed at US$130M
As an agricultural economy, the Philippines plays a significant role in the regional agricultural supply chain market, accounting for US$30 billion in trading volume, about 10 per cent of its GDP, and employing over 20 per cent of its population. The country is Southeast Asia’s second-largest producer of fresh vegetables, yielding over 5 million tons annually, following Vietnam.
As of October 2023, Kita operates three warehouses and a fleet of cold chain-enabled delivery trucks, serving major restaurant and hotel chains in the Philippines.
“Much of the initial growth and success in Kita can be attributed to having a very good team in place and focus on cash flow and profitability,” said Marc Concio, Founder and CEO of Kita.
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