Vietnamese food-tech startup Kamereo is targeting to raise $4.5 million in its Series A financing round, according to sources privy to the matter.
The company has received about $1.5 million in commitments, the sources said, adding that Japan’s early-stage venture capital firm Genesia Ventures, Kamereo’s seed investor, has made a follow-on investment in this new round.
In early 2019, Kamereo announced its $500,000 seed round led by Genesia Ventures, with participation from Velocity Ventures Vietnam.
Genesia Ventures, which in January last year raised $45 million for its $80 million second fund, is also a backer in other Vietnamese businesses including prop-tech startup Homedy and Airbnb-like platform Luxstay.
Kamereo did not comment on the funding.
Founded in 2018, Kamereo connects restaurants and F&B businesses directly to suppliers to cut down on the intermediate sale stages. It has worked with over 200 suppliers and 300 restaurants in Vietnam, according to its website.
The startup is likely to deploy the fresh funding proceeds to develop its technology offerings and logistics solutions, as well as to expand its 30-strong team.
Kamereo’s main revenue comes from connecting F&B players, its CEO Taku Tanaka said when asked about its monetisation model. The company provides a system for both buyers and sellers to simplify their selling and purchasing processes and charges for premium services and analytic insights.
“We provide a transparent platform for our clients when it comes to pricing. Our analytics offering helps buyers and sellers from spending extra time in getting reports and data about the market,” he said.
Tanaka revealed that Kamereo has grown about 30 per cent per month since its inception.
While the outbreak of the Coronavirus has certainly affected the F&B industry, Tanaka believes that the Vietnamese market will bounce back stronger than ever, thanks to the country’s culture of dining out and drinks consumption.
“It is a short-term impact, while F&B in Vietnam is still growing as a market. Per capita F&B spending per person in Vietnam is higher than in other ASEAN countries,” Tanaka, the former COO of private equity-backed restaurant chain Pizza 4P’s, said.
“If Vietnam is able to retain the annual GDP growth at above 6 per cent, the F&B sector can keep growing at more than 10 per cent,” he added.