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.