South Korean a Grifood Trading Platform Tridge Secures US$60m Investment to Scale Up the Fight Against Food Insecurity
PR90555
SEOUL, South Korea, July 12, 2021, /PRNewswire=KYODO JBN/--
Forest Partners invest in food market intelligence and digital trading hub now
valued at US$500m. Pandemic and climate change drive new levels of food
disruption.
Tridge [https://www.tridge.com], the digital trading and market intelligence
hub for food and agriculture buyers and suppliers, has completed Series C
investment worth US$60 million from Forest Partners to help it scale and meet
demand from food businesses searching globally for alternative sources as
traditional supply lines are hit by increasing disruption and risk.
This investment edges Tridge closer to being one of South Korea's next tech
unicorns with a current market value of US$500m, up from US$140m since its last
funding round in April 2020.
Demand for Tridge's service soared in 2020 when the logistics congestions and
travel restrictions caused by the pandemic forced buyers and suppliers to seek
digital solutions to supply and demand challenges. Over 300,000 visitors are
now visiting the platform every month to source products through Tridge, a sign
that confidence in digital trading is increasing.
Hoshik Shin, CEO, Tridge, said: "The food and agriculture sector is one of the
most fragmented sectors and buyers and suppliers struggle to find the right
information or partner. Our market intelligence works as a vessel to help them
come together; we are the bridge to connect and help them start new trading
relationships in the most efficient and reliable method as possible."
The latest investment will help Tridge continue scaling its fulfilment service
and global reach to meet the purchasing needs of major clients. Specifically,
Tridge is looking to expand its global physical presence by setting up
businesses and co-packing/warehousing facilities in 50 strategic countries.
Tridge has attracted 50,000 buyers since formally launching its market
intelligence and fulfilment services in October 2020. The company expects its
fulfilment revenue to reach $300 Million by the end of 2021.
Tridge's headcount has tripled since early 2020 and it plans to expand further
in its Seoul HQ's fulfilment and platform development teams, as well as
recruiting more Engagement Managers By the end of 2021 Tridge plans to have
grown this team to 500 and provide a more robust coverage in each of these
countries.
SOURCE: Tridge
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