Freshket, Thailand’s agritech startup, secures $23.5m in Series B funding

The fresh funding will be used to enhance Freshket's operating system through supply chain tech development, among others.

(Miss Ponglada Paniangwet, CEO and Co-founder (Center), Mr. Komjak Rattakham, CoS (Left), Mr. Saran Chiwtanasuntorn, VP, Engineering (Right))

Thailand-based agritech startup Freshket announced raising $23.5 million in its Series B funding round led by SET-listed PTT Oil and Retail Business Public Company Limited.

Existing investor Openspace Ventures, a Singapore-based venture capital firm, also participated in the funding round, along with Betagro Holding, Orzon Ventures, and Volta Circle.

Freshket, founded in 2017, aims to provide consumers and food businesses with a wide variety of agricultural produce and the freshest ingredients, always sourced from local farmers and suppliers.

Today, the startup delivers premium quality raw ingredients, dry goods and various food products to doorsteps of customers, which is primarily restaurateurs and hoteliers but also household consumers.

This customer focus is driven by a fresh produce market for restaurant and hotel industries in Thailand that is worth nearly 200 billion Baht (US$5.9 billion) in annual purchases.

The fresh funding will be used to enhance Freshket’s operating system through supply chain tech development, improve service efficiency, penetrate into new categories of products and extend its in-demand service to other provinces.

Freshket will also focus on the development of demand forecasting technology to ensure transparency for all parties, the reduction of food waste, and effort to boost the quality of life for upstream entrepreneurs.

Ultimately, the startup said these improvements will ensure even more customers can enjoy the freshest quality products at reasonable prices, with convenience of online ordering and confidence in Freshket’s service reliability.

“This funding round was part of a key strategy designed to catapult the brand to achieving rapid and progressive growth this year. Freshket will grow alongside its business networks, OR group’s distribution channels as well as other joint investors, while also developing and launching products and services shaped to meet the needs of more users,” said the startup’s chief of staff, Komjak Rattakham.

For lead investor PTT Oil and Retail (OR), the investment reflects its objective to underline strategic cooperation with businesses and ensure inclusive growth with them.

“OR sees the flourishing potential of the restaurant and hotel industry in Thailand, as well as the opportunity for Freshket to complement OR’s food & beverage strategies as another food-supply platform for OR’s restaurant operators,” said Rajsuda Rungsiyakull, Senior Executive Vice President, ORion Project, PTT Oil and Retail Business Public Company Limited. –