Heaptalk, Jakarta — Glife Technologies, Singapore’s digital B2B food and agritech company, has announced a US$3 million Series A follow-on funding to support its operations across Southeast Asia. This investment comes on the hill of US$2.9 million funding in May 2022 and its US$4.96 million Series A in November last year.
Seizing the significant amount of capital, the company plans to accelerate the launch and operation of the digital marketplace for F&B suppliers and merchants in Q4 of 2022. In addition, Glife Technologies aims to expand its market reach in the Indonesian market.
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The presence of this B2B digital marketplace is expected to aggregate demand for food produced from restaurants and match it with suppliers, provides restaurants better access to a variety of products as well as better prices. Simultaneously, the Singapore-based company plans to invest further and strengthen its technology infrastructure to build an end-to-end digital supply chain solution that is fair, secure, more efficient, and sustainable for the food ecosystem.
Fueled by a burgeoning interest in the digitization of the food supply chain across the region within Southeast Asia, this follow-on funding saw participation from a new strategic investor Tin Men Capital, Singapore-based venture capital with a focus on B2B tech enterprises. Glife Tech company has raised US$13 million in funding, supporting operations across regional markets, including Singapore, Malaysia, Indonesia, and Vietnam.
Co-Founder and Deputy CEO of Glife Technologies, Caleb Wu, stated, “The additional funding from our investors indicates confidence in Glife’s business model and mission to feed Southeast Asia sustainably by empowering and uplifting farmers and businesses with technology. We aim to continue building efficiency and transparency across the food supply chain and create solutions that will uplift smallholder farmers across the region,”
Caleb further explained this injection would further strengthen the company’s solutions and expedite its objective to provide a better food future and continue to strive to be the leading Agritech player in SEA. By closing its Series A round, He expressed great appreciation for new and existing investors.
Founded in 2018, Glife is a B2B food and agritech company that serves as a vertically integrated food service solutions provider for the food ecosystem in Southeast Asia using technology. The company has witnessed tremendous success over the past four years, having grown from a 20 team in 2018 to an employee headcount of more than 250 in September 2022. Revenue has also expanded by more than 30x since its founding. Currently, the company serves more than 2,500 customers in the HORECA industry and over 1,000 farmers across the region.
Beyond capital investment, Tin Men Capital will partner with Glife to build out its organization and uncover new opportunities in the region. The Tin Men team believes that Glife’s solutions play an essential role in helping operators in the food supply chain make the critical leap towards technology adoption. Tin Men Capital also has great confidence in the experienced and passionate team driving Glife with a clear vision and execution roadmap.
“The ongoing pandemic has exposed the brittleness of our supply chain. Disruptions have impacted the flow of produce from farms to customers, and venture capital must support industry efforts to embrace innovation and integrate sustainability goals,” Co-Founder of Tin Men Capital said.
He realized that Glife’s growth and track record align with Tin Men’s mission of bringing technology to an undigitized yet critical industry, positively impacting the community in the long term. Through this capital support, he expressed his excitement about backing the Glife team to digitize the food supply chain in SEA.
With agriculture and food as critical drivers for Southeast Asia’s economy and GDP, greater internationalization of the region’s food businesses is expected. This Singapore-based startup recognizes the importance and potential of the industry, providing solutions to enable a resilient and agile food value chain to drive future growth for the industry.