Food supply chain startup DiMuto secures US$5.9 million funding from Seeds Capital, SGInnovate
The Series A funds will bolster expansion into key markets such as Latin America and the US
FOOD supply chain solutions startup DiMuto has secured US$5.9 million of funding in its Series A round, the company said on Tuesday (Aug 20).
The round was led by venture capital firm The Yield Lab Asia Pacific.
Seeds Capital – the investment arm of Enterprise Singapore – as well as SGInnovate and Great Giant Pineapple, also joined the round as existing investors.
Other investors include Sis Cloud Global Tech Fund 8, Gold Sceptre and Dave Chen.
The fresh funds will bolster DiMuto’s expansion into key markets such as Latin America and the US, and fast-track the enhancement of its digital ecosystem.
The Series A round follows a US$2.35 million fundraise in 2021.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Founded in 2019, the Singapore-based startup provides digital solutions for the agri-food industry. These include its trade management platform, which digitises products for quality assurance and data visibility, and the marketplace business pillar, which connects verified buyers and suppliers to enhance transparency and trust.
DiMuto plans to broaden its marketplace arm and venture into greenhouse-based agriculture and climate-adaptive varietal development.
The startup said that this will enhance year-round supply resilience and scale its private label, SoLuna Fresh, which markets traceable fresh produce such as berries from Latin America into Asia markets.
Gary Loh, founder and CEO of DiMuto, said: “In a year marked by global economic challenges, this influx of capital is a resounding validation of the company’s growth trajectory, and will enable us to leverage our momentum in the Latin America and US markets and bring us closer to our mission of redefining global agritrade.”
Copyright SPH Media. All rights reserved.
