South Korean agrifood trading platform Tridge secures US$60m investment to scale up the fight against food insecurity
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.
SEOUL, South Korea, July 12, 2021 /PRNewswire/ — Tridge, 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.
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