S Korean agrifood trading platform Tridge raises $60m in Series C

Photo by Megan Thomas on Unsplash.

Tridge, a South Korean agrifood digital trading and market intelligence platform, announced raising $60 million in a Series C funding round anchored by existing investor and Seoul-based alternative investment firm Forest Partners.

The funding round values Tridge at $500 million, up from $140 million since its last funding round in April 2020, when it raised $11 million from Forest Partners and private investment firm Activant Capital.

Founded in 2015, Tridge is a global trade ecosystem in the food and agriculture industry. It provides a global-scale platform for buyers and suppliers to be connected and do business with each other seamlessly.

Since its launch, the company said it has attracted 50,000 buyers and expects its fulfillment revenue to reach $300 million by the end of 2021.

Over 300,000 visitors, including buyers and suppliers such as food and beverage firm Del Monte, food company Dole, and Chinese state-owned food processing holding firm COFCO, are now visiting the platform every month to source products through Tridge.

The company said it will use the fresh funding to scale and meet demand from food businesses that are looking for alternative sources globally as traditional supply lines are hit by increasing disruption and risk.

Specifically, Tridge is looking to expand its global physical presence by setting up businesses and co-packing/warehousing facilities in 50 strategic countries.

Tridge CEO Hoshik Shin 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,” Shin added.

Shin established Tridge after sending 10 years as a commodity investor at Deutsche bank and Korea Investment Corporation. The company’s previous funding rounds raised over $23 million from Activant Capital, SoftBank Ventures Asia, and Korea Investment Corporation.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.