- Tridge, a South Korean B2B platform connecting buyers and sellers of fresh agricultural produce and commodities globally, has closed a $37.2 million Series D round.
- The financing was led by Seoul-based private equity firm DSAsset and brings Tridge’s valuation to $2.7 billion, a 5.4x increase from its last valuation of $500 million at its 2021 Series C.
- Tridge has so far secured $114 million in disclosed funding and is also backed by major Japanese investor SoftBank, according to Crunchbase.
Why it matters
The Covid-19 pandemic exposed the need for ecosystem collaboration and efficient supply chain solutions in our food system.
A global wholesaler and trade brokerage platform, Tridge fits squarely in this context as it claims to connect food and agricultural produce traders in over 150 countries. Its users also get access to vital data on the food and agriculture industry such as domestic commodity prices, trade data, weather and seasonality, as well as production data on the produce.
According to Tridge, its valuation soared in a year because it has generated revenues in Tridge’s fulfillment service business since September 2021 after raising the Series C round. This fulfillment service sorts everything for the buyer from production to quality control to shipment.
Across the business, Tridge says it is generating sales of between $15 million to $23 million per month and that it has global trade data on over 15,000 agricultural products.
How can New Zealand’s agri-innovation ecosystem become the world leader it should be?