Food surplus marketplace TreeDots received $11 million in funding last week in a Series A round co-led by venture capital firms Amasia and East Ventures. The round was joined by Active Fund, SEEDS Capital, and others.
East Ventures invested $5 million in the round, while Amasia put in $4 million. TreeDots’s share price is up 72% from its previous financing earlier this year.
Top shareholders in TreeDots
Tackling the food waste problem
Around 931 million tonnes of food, or 17% of total food available to consumers in 2019, was wasted across households, retailers, restaurants and other food services, according to a March 2021 report.
The weight is roughly equivalent to 23 million fully loaded 40-tonne trucks — bumper-to-bumper, enough to circle the Earth seven times, found the Food Waste Index Report 2021 from the United Nations Environment Programme (UNEP) and partner organization WRAP.
About 61% of food waste came from households, 26% from food services and 13% from retail, according to the report.
Average food waste (kg/capita/year) by World Bank Income classification, averaging medium and high confidence estimates for countries
In other food-related deals, lab-grown breast milk maker Turtletree Labs received $30 million last week as part of its Series A funding round. Lead investor VERSO Capital, a European private equity firm, pumped in nearly $20.9 million in the round.
On Monday, healthy food chain Saladstop! announced an $8.7 million Series B round led by Temasek.
Tetlin Investments, a Temasek entity, invested $5.5 million in the round. Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen, contributed $1.48 million, while DSG Consumer put in nearly $1.3 million.
Other updates from DATA VANTAGE
E-scooter rental firm Neuron Mobility received $30 million from Square Peg Capital and GSR Ventures last week. The startup’s share price is now 2.5 times that in its last financing in late 2020.
SiCepat Ekspres received $4.9 million last week from a special purpose vehicle backed by Kejora Ventures, Daiwa PI Partners, Hong Kong insurer FWD and German development finance institution DEG. Including the latest haul, SiCepat has raised $95.75 million in the round.
Nas Academy received nearly $200,000 last week from Nirman Investments and ACAD IND Limited. The capital infusion is part of an $11 million Series A funding round announced in July by the edtech firm. Nas Academy has now secured $10.32 million in equity investment as part of the round.
Singapore-based artificial intelligence startup Visenze, which focuses on e-commerce and online advertising, bagged $4.8 million last week. Sonae Investment Management and Rakuten Capital invested $1.4 million each, while Meranti Asean Growth Fund contributed nearly $1.2 million.
Funding Asia Group bagged $75,223 from a couple of investors last week, of which $49,981 came from United Family Capital. This brings its year-to-date funding to $17.4 million.
SEEDS Capital has sold its stake in wireless charging startup Xnergy to Singapore-based investment holding company TRIREC.