Based in Bangkok, Freshket simplifies the process of getting fresh produce from farms to tables. Released in 2017, the startup has now raised a$3 million Series A, led by Openspace Ventures. Other participants consisted of Thai personal equity firm ECG-Research; Innospace; and Pamitra Wineka and Ivan Sustiawan, the co-founders of Indonesian farming innovation startup TaniHub. French-Singaporean food conglomerate Denis Asia Pacific and Thai household office Seedersclub, who made previous investments in Freshket, also returned for the Series A. Freshket’s technology consists of an e-commerce market that links farmers and food processors to companies, like restaurants, and consumers in Thailand. The startup was co-founded by president Ponglada Paniangwet and primary marketing officer Tuangploi Chiwalaksanangkoon, who each operated in marketing prior to releasing Freshket 3 years back. Paniangwet informed TechCrunch she wanted to enter agritech because her household has actually worked in the agriculture business for 25 years.

“I grew up learning a lot about what worked and didn’t work in the industry,” Paniangwet stated.”Overall, the industry bores, highly manual and messy.”Freshket’s goal is to become” an enabler for the entire food supply chain, “she included. Before Freshket, Paniangwet began a processing

center, which trims, cuts and sources fresh fruit and vegetables at wholesale fresh markets prior to delivering them to

restaurants and other clients. She understood innovation could be used to simplify the supply chain, increasing farmers’incomes and the quality of fruit and vegetables gotten by clients. There is likewise ample market chance. According to an April 2019 Euromonitor International report, the food service market in Thailand deserves over$7.7 billion in annual purchases, made by

more than 200,000 dining establishments (link in Thai ). Chiwalaksanangkoon, who was currently buddies with Paniangwet, left her position at one of Thailand’s biggest banks to co-found Freshket. The business’s platform pull together Thailand’s fragmented produce supply chain by uniting processing centers and suppliers, and linking them straight with farmers, who typically rely on middlemen. Freshket likewise supplies its users with information to assist them forecast supply and demand for their crops. The costs of running a shipment business, specifically for disposable products, can be really high. To stay affordable, Freshket itself doesn’t stock fresh produce. Instead, Freshket tells its network, consisting of farmers, just how much item they will need to provide daily, so they can prepare their supply chains.

Paniangwet also said the B2B food shipment organization has high average order worths, strengthening its unit economics. Freshket’s order, storage facility and logistics management systems are all linked together and” due to the fact that of that, we have the ability to manage the flow of products, limitation additional and labor costs and keep our overall expense base manageable,”she stated. Freshket’s primary rivals in the B2B area are standard supply chain companies; in the consumer area, it is up against consist of grocery delivery startups. It competes with delivery apps by providing lower retail prices, because Freshket is currently tapped into a streamlined supply chain. For B2B consumers, Freshket’s selling points consist of more exact shipment, a larger variety of products and produce gradings. Freshket’s brand-new funding will be used to update its supply management technology. In the future, Paniangwet said the company prepares to include more services, like financing, demand forecasting and rate matching. Freshket is among numerous start-ups in Southeast Asia markets focused on enhancing the food supply chain in various countries. Others include TaniHub and Eden Farm in Indonesia, Agribuddy in Cambodia and Singapore-based Glife. This is the 3rd agritech investment Openspace Ventures, which focuses on early-stage companies in Southeast Asia, has actually made (the other are TaniHub and Singaporean grocery platform RedMart). In a press statement about the investment, Openspace Ventures establishing partner Hian Goh said,”As Openspace Ventures’second investment in Thailand this year, Freshket shows our growing conviction in the capacity of the Thai market for high quality and innovative startups.”Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.