TreeDots is a Singapore-based all-in-one ecosystem management company, founded in 2017 by Tylor Jong, Lau Jia Cai, and Nicholas Lim. It aims to address the trillion-dollar global problem of food loss and wastage and also focuses on reducing the footprint of carbon, related to it.
Most of the time, the main reason for food wastage in big stores remains their cosmetic issues, that is, “they don’t look nice on the shelf of a store” and TreeDots is here, to transform this wastage into profitable outcomes for both, the sellers and consumers.
Details About the Series A Funding by TreeDots
The food surplus marketplace, TreeDots has announced that it has received $11 million in funding in a Series A round that made the total raised by the food management $15 million. The company also claims that its gross merchandise value has grown up to 4 times following the previous years.
The injection of capital for this Series A was led by sector agnostics venture capital firm, East Ventures and California-based venture capital firm, Amasia.
Some of the other investors who also participated in this round are ACTIVE FUND, Seeds Capital, Nir Eyal(Bestselling novelist and the author of Hooked), and Fiona Xie(Singaporean actress).
The CEO of TreeDots, Tylor Jung confirmed that they do not divide the food from retailers but they solve the food loss problem at a much upstream level where they have imperfect food due to various cosmetic standards, as set by distinctive buyers.
In a statement, Tylor Jung explained their company’s work by saying that they know that a grocery could never accept a chicken that is too big or has some other drawback like having a broken bone because it’ll look funny to put it on their shelves. But on the other hand, F&B outlets don’t care about it as they just cut it, put it on a plate, and garnish it to look nicer before serving.
He further added to his statement that if those F&B would get these food items at a 90% cheaper price than other alternatives, they would get happier than ever and accept it easily. This original insight drove them to begin an oversupplied food marketplace to counter the demand and supply of these products.
The managing partner at East Ventures, Rodrick Purwana said that food loss is a trillion-dollar problem but the thing that makes them most excited is not just the use of waste food but also the fact that the suppliers started to use this system for their revenue growth.
He added that TreeDots have increased the network density which allows the lower emission and decreased logistics costs.
Aim behind this Series A Funding
TreeDots expanded its roots to Malaysia, in 2020, with hopes to expand in more regions in the upcoming future, and now, with the fresh capital of the Series A round, the company aims to use it in growing its operations in Malaysia, to a bigger extent and enter other markets as well.
TreeDots also wants to optimize its logistics and supply chain business, which is called TreeLogs.
The company aims to preserve two million tonnes of food that otherwise will be wasted in a modern-day food supply chain. This food surplus corporation also intends to reduce 18 million tonnes of carbon emissions by the end of 2025.
Almost ⅓ of food produced in the world is left to increase waste, as it is never eaten. According to TreeDots, this thing happens in Asia due to aesthetically imperfect foods and inefficient supply chains.
The TreeDots company works by reselling excess merchandise from the suppliers to food companies like cafes and restaurants, by allowing them to buy food at a much less cost than from anywhere else. The suppliers pay money to send their leftovers to the landfills, but now, by selling them to TreeDots, they can earn extra money.
Many logistical services are also provided by TreeDots as a part of their vertically integrated food supply chain ecosystem and that includes cold-chain logistics provider Treelogs and online interface management to help the suppliers.
Conclusion
Singapore-based food surplus marketplace, TreeDots has raised $11 million in a new round of funding, Series A, after which, the total raised by the food ecosystem management has come to $15 million since its inception in 2017. East Venture and Amasia Ventures act as the lead investors in this funding round along with some angel investors including ACTIVE FUND, Seeds Capital, Nir Eyal(Bestselling novelist and the author of Hooked), and Fiona Xie(Singaporean actress). The company aims to use it in growing its operations in Malaysia, to a bigger extent, and enter other markets as well. TreeDots also wants to optimize its logistics and supply chain business, which is called TreeLogs.
FAQs
Ans. TreeDots raised $11 million in Series A.
Ans. This round was led by East Ventures, Amasia, ACTIVE FUND, Seeds Capital, Nir Eyal, and Fiona Xie.
Ans. In 2017
Ans. In Singapore.
Ans. The company aims to use it in growing its operations in Malaysia, to a bigger extent, and enter other markets as well. TreeDots also wants to optimize its logistics and supply chain business, which is called TreeLogs.
