Singapore-based agrifood trade tech solutions platform DiMuto has raised an undisclosed sum from venture capital studio Latin Leap to help drive further international expansion in Latin America, according to an announcement.
Founded by executive chairman Gary Loh, who is also the Executive Chairman of First Alverstone Group, DiMuto creates traceability for every single fruit as it moves through the supply chain – from farms, factories, cold chains to distribution channels and end consumers.
Using blockchain, IoT and AI in its trade solutions, it digitalizes the agri-food supply chain for data visibility and trade transparency, aiming to solve industry challenges.
The company claims that it has tagged over 30 million fruits and tracked and traced over $100 million worth of agrifood trades to date. It has a presence in 7 countries including US, China, Indonesia, Australia and Mexico.
The new funding from Latin Leap will enable DiMuto to further capitalize on its global growth momentum and help drive further international expansion in new markets in Latin America over the next few months.
“DiMuto fits perfectly into our investment thesis of soft-landing tech-enabled businesses with a positive impact on society in Latin America. We are proud to accompany its growth path in the region,” said Stefan Krautwald, General Partner of Latin Leap.
Latin Leap is a newly formed venture capital studio, focusing on opening up opportunities in Latin America for Southeast Asian tech-scale ups. It is set to base its fund structures out of Singapore, with the aim of becoming a partner in the internationalization of the region’s tech sector.
Most recently, DiMuto raised an undisclosed sum from Singapore government-owned firm SGInnovate.
Last July, DiMuto and PwC Singapore’s Venture Hub announced a strategic partnership that will help the latter scale up its operations in the agri-food cold chain market globally.