The GrowHub, a Singapore-based food and agritech start-up, has raised US$3 million in a pre-Series B funding round from a number of individual investors including the company’s founder and chief executive officer Lester Chan.
The fresh funds will be used to enhance the firm’s technology offerings and strengthen its technology capabilities as it further expands across the Asia-Pacific region.
The company began as a farm-to-table solutions provider and an export partner of premium goods from producers looking to reach new audiences in Southeast Asia and beyond. Over the years, the company has shifted its technology focus to enable producers and consumers to track, market and understand consumer behaviour and patterns using proprietary Web-3, NFC and QR code solutions.
It says it has transformed the supply chain experience for both businesses and shoppers in countries like Singapore, Australia, Japan, Indonesia, and Malaysia by incorporating authenticity and traceability. The firm also facilitates transparency and reliability in tracing carbon credits with its SaaS platform.
The GrowHub closed 2022 with an estimated revenue of US$750,000, which it expects to grow 4x by the end of the fiscal year. Its customers include brands such as ManukaLife Honey, tangobar, Dirty Clean Food Oatmilk, and Koufuku Granola.
Meanwhile, the company has appointed Chai Chun Kiat as chief technology officer and Aaron Loo Jian Lin as chief innovation officer. Sam Yen Rong Jiun will be joining the firm’s advisory board.