Venture Capital: Korean Agtech Tridge Nabs $37M Series D
The round valued Tridge at $2.7 billion.
Tridge, a Korean agtech which functions as a ‘transaction-bridge’ between parties in the food and agricultural sectors in the global marketplace, has raised $37 million in a Series D funding round which valued the company at $2.7 billion. The round was led by prominent South Korean investor DS Asset Management.
As a result, the cumulative funding availed by Tridge is now about $120 million, and its valuation surged more than five times from $500 million in the last funding in July 2021 when it raised $60 million in its Series C from Korean venture capital firm Forest Partners.
The Tridge global agricultural platform has over 400,000 subscribers, is backed by a robust database, and allows for transactions between the subscribers without any middlemen or third party intermediaries. It achieves this by bringing its global subsidiaries, agricultural market networks, and real-time market information together. According to Tech Crunch, Tridge now generates between $15 million and $23 million in sales per month.
Its services have become relevant amidst the massive disruptions caused by the Covid pandemic and the Ukraine war, resulting in higher prices for both industrial and agricultural output.
“Today’s fundraising reflects the strength of Tridge’s business, the growth our teams have delivered and the incredible opportunity ahead,” said Hoshik Shin, founder of Tridge. “As B2B business starts to accept new ways of sourcing agriculture products over the coming years, we’ll continue to invest in our people, products and partners to support all of the communities we serve.”
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