B2B Ecommerce Food Surplus Startup, Treedots, Raises $11 Million
In a Series A funding round led by Amasia and East Ventures, Treedots have raised $11 Million.
Treedots is a Singapore-based B2B Ecommerce startup that aims to assist in reducing food wastage. Every year, as per estimates, more than 1.3 billion tons of food is wasted because of different reasons. The two most prominent reasons are cosmetic issues and a sluggish supply chain.
The B2B Ecommerce startup believes that it is the first food surplus market in Asia that wants to help with this problem. The company is focused on creating a vertically integrated supply chain with a B2B marketplace and a social commerce feature for group buying by consumers. It is also developing its own cold-chain logistics infrastructure to help food reach end-users more quickly.
East Venture and Amasia led the series A funding round. However, Active Fund, Seeds Capital, author Nir Eyal, and actress Fiona Xie also participated. With the new funding, the total funds of the company have reached $15 million.
As per the company, the new funding will be deployed to expand the operations of the company in Malaysia. As well as these funds will be used to optimize the operations of the company and grow in other markets as well. The startup says its gross merchandise volume (GMV) has grown more than 4x year-over-year.
“Instead, we solve the food loss problem further upstream where you have food that is imperfect due to various cosmetic standards set by different groups of buyers (businesses, but ultimately driven by consumers) and food that is in surplus, as most countries want to ensure that all varieties are accessible and therefore keep more inventory than needed at every step of the supply chain,” said co-chief executive officer Tylor Jong.
The development of mobile applications has increased manifold over time. And there is no doubt that Food and grocery applications are revolutionizing the retail industry. Moreover, eCommerce and app development is going hand in hand. Big data has further enriched the user experience by providing data-driven suggestions and guides.