Agri-food trading platform gets US$60 million funding

Tridge, a digital agri-food trading platform, has received US$60 million from Forest Partners. The investment will boost the South Korean company's ability to meet customers' demand for alternative food sources as traditional supply lines suffer from increased disruption and risk.
Hoshik Shin, CEO, Tridge, said:
"Food and agriculture 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."
Demand for the company’s service soared in 2020 when the logistics congestions and travel restrictions caused by the pandemic forced buyers and suppliers to seek digital solutions to supply and demand challenges. Over 300,000 visitors are now visiting the platform every month to source products. A sign that confidence in digital trading is increasing, the company said.
The latest investment will help the trading platform continue scaling its fulfilment service and global reach to meet the purchasing needs of major clients. The company said it is looking to expand its global physical presence by setting up businesses and co-packing/warehousing facilities in 50 strategic countries.
Tridge revealed it had attracted 50,000 buyers since formally launching its market intelligence and fulfilment services in October 2020. The company expects its fulfilment revenue to reach $300 million by the end of 2021. (Image from Unsplash)