The GrowHub, a Singapore-based trust and traceability technology provider for the supply chain, announced that it closed a $3 million pre-Series B funding.
The investment round was from several strategic individual investors, including the company’s CEO and founder, Lester Chan.
The funds will be used to continue to build its technology offerings and strengthen its technology capabilities as it further expands across the Asia-Pacific region.
“We are delighted to receive an initial close of our Pre-Series B round to continue building the dream of a more transparent world, where consumers can trust what they see on a label, and where food waste is minimized,” said Lester Chan, Founder, and CEO of The GrowHub.
The GrowHub began as a farm-to-table solutions provider and a strategic export partner of premium goods from producers looking to reach new audiences in Southeast Asia and beyond. It focuses on the flow and user experience between the network of retailers, distributors, producers, and end-consumers in a fast, secure, credible, and accessible manner.
The company’s proprietary blockchain technology has secured all products that have been onboarded in the company’s portfolio, including leading brands like ManukaLife Honey, tangobar, Dirty Clean Food Oatmilk, and Koufuku Granola. To date, it has reached hundreds of thousands of user interactions per month growing at 20 percent.
Over the years, it has shifted its technology focus to enable producers and consumers to track, market, and understand consumer behavior and patterns using the company’s proprietary Web-3, NFC, and QR code solutions.
Since its operational launch, the company aims to partner with leading companies in the region and add to its ecosystem network to make emerging technologies available regardless of size
Company: The GrowHub Innovations Company Pte Ltd
Raised: $3.0M
Round: pre-Series B
Funding Month: March 2023
Lead Investors: Undisclosed
Additional Investors: Lester Chan
Company Website: https://thegrowhub.co/
Software Category: Food and Carbon Traceability
About the Company: The GrowHub Innovations Company is a Singapore-based Agri-tech and is Asia Pacific’s only Web3-enabled technology plug-and-play ecosystem builder, focusing on food traceability and carbon credits. The GrowHub offers access to trusted premium products at affordable prices through agri-food innovations and blockchain technology emerging from its innovation center at FIPWA. The GrowHub also facilitates transparency and reliability in tracing carbon credits with its Software-as-a-Service (SaaS) platform. The company allows producers, funders, and regulators to differentiate and authenticate carbon footprint at source, with initial use cases deployed around soil carbon market integrations. The company aims to offer wider access to trusted premium products at affordable cost through the development of new emerging technologies at FIPWA’s hub. The GrowHub has seen tremendous growth in the past year following its successful SaaS technology initiatives.
Source: https://thegrowhub.co/news/singapores-the-growhub-announces-first-close-of-3m-pre-series-b-round