[L-R] The Growhub COO Bruce Lee, CEO and Co-Founder Lester Chan, and Australia Country Head Chris Vas
The GrowHub, a Web3-enabled plug-and-play ecosystem builder focusing on food traceability and carbon credits, has closed a US$3 million pre-Series B investment round.
The investors include strategic individuals, including the company’s CEO and founder Lester Chan.
The GrowHub will use the funds to continue building technology offerings and strengthen its technology capabilities as it expands across the Asia Pacific region.
The agritech startup has also appointed Chai Chun Kiat as CTO, Aaron Loo Jian Lin as Chief Innovation Officer, and Sam Yen Rong Jiun to the advisory board.
Kiat was previously a CTO at Gorila Mobile and Technology Lead at AL2, while Loo was COO at Gorilla Networks. Yen was previously a Vice President at the Bank of America.
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The GrowHub began as a farm-to-table solutions provider and a strategic export partner of premium goods from producers looking to reach new audiences in Southeast Asia and beyond. Over the years, it has shifted its technology focus to enable producers and consumers to track, market and understand consumer behaviour and patterns using its Web3, NFC and QR code solutions.
Consumers across the Asia Pacific can interact with these products in their native language, understand products more intimately, and engage with relevant advertisements.
Its clients include businesses and shoppers in Singapore, Australia, Japan, Indonesia, and Malaysia.
In addition to tracking the footprint of food from producer to consumer, The GrowHub also facilitates transparency and reliability in tracing carbon credits with its SaaS platform. The company allows producers, funders and regulators to differentiate and authenticate carbon footprint at source, with initial use cases deployed around soil carbon market integrations.
The firm focuses on the flow and user experience between the network of retailers, distributors, producers, and end-consumers in a fast, secure, credible, and accessible manner.
The GrowHub claims it has reached hundreds of thousands of user interactions per month, growing at 20 per cent. The GrowHub closed 2022 with US$750000 in estimated revenue. It expects to increase this figure by 4x by the end of its fiscal year.
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