Vietnam-based food-tech startup KAMEREO has raised a $4.6 million funding co-led by Thai conglomerate Charoen Pokphand’s CPF Group, Quest Ventures, and Genesia Ventures.
KAMEREO said in a statement it will use part of the new investment to expand its team and develop a one-stop procurement platform for its F&B businesses.
The Ho Chi Minh City-based company will expand to Hanoi next year, build a new warehouse management system, as well as upgrade its tech coverage, user experience and service quality of its website and mobile app.
The company’s statement confirms DealStreetAsia’s report last year that KAMEREO was targeting to raise $4.5 million for a Series A round.
KAMEREO had earlier raised a $500,000 seed round led by Genesia Ventures, with participation from Velocity Ventures Vietnam, in 2019.
The startup claims it was the country’s first B2B food platform to use technology to optimise sourcing and purchasing between buyers and farmers.
KAMEREO currently has more than 400 active customers, and claims to have grown by 15% every month in the last 12 months despite mobility restrictions and temporary closure of some business.
The firm said its growth was attributable to the local F&B industry which has gained a steady compound annual growth rate of over 10%, growing discernment on sustainably and ethically-sourced goods, and the country’s overall positive management of the pandemic.
KAMEREO was founded in 2018 by Japanese expatriate Taku Tanaka, who was the COO at PE firm Mekong Capital-backed restaurant chain Pizza 4Ps.
Vietnam is one of the largest food production hubs of Southeast Asia, according to Goh Yiping, partner of Quest Ventures. “There is much room to grow in solving many of the inefficiencies of the supply chain today, improving farmers’ livelihood outcomes and procuring the best products for businesses and homes,” he said.
For CPF Group, the investment in KAMEREO helps it penetrate further into the technology facet of the Vietnamese food value chain. The Thai giant has invested extensively in Vietnam through developing processing facilities and distribution network. Earlier this year, it built Southeast Asia’s largest complex of breeding and processing chicken for export in Binh Phuoc, southern Vietnam.
In October last year, CT Bright, the investment arm of CP Group, partnered with Vietnam-based SSI Asset Management and the Development Bank of Japan’s Mercuria Investment Co to launch Vietnam Growth Investment Fund – a $150 million private equity vehicle to invest in the country.