The $525,000 pre-seed funding round for Elevate Foods, a Singapore-based platform for small- and medium-sized farm-gate processors, was successfully closed, with investors Wavemaker Impact (WMi) taking the lead.
According to a release from Elevate Foods, the investment will accelerate the company’s goal of creating a globally recognized network for processed agricultural products.
Elevate Foods claimed that with this investment, the company will be able to expand its presence in the Gulf and Southeast Asian (SEA) markets and put together a specialized team that will concentrate on improving quality management tools and sustainable food systems.
“We are grateful for the successful completion of our pre-seed funding round with the support of Wavemaker Impact,
“This investment underscores our commitment to building a more sustainable and resilient food ecosystem, facilitating the upgradation of farm-gate processors to enhance their market access,” said Gayatri Bhatia, Chief Executive Officer and Founder of Elevate Foods.
A Singaporean company called Elevate Foods is committed to transforming the world’s food supply chains.
The company, which is committed to reducing food loss and waste, gives small-scale farm-gate food processors in India access to international markets, makes sure that high quality standards are met, and establishes a sustainable and traceable supply of produce.
It strives to create a more robust and sustainable food ecosystem, bringing about positive change all over the world, by upgrading current processors using technology and market insights.
Remarkable levels of food loss and waste are observed in the global food supply chain, which is beset by previously unheard-of inefficiencies.
A startling $1 trillion in economic losses result from the loss or waste of nearly one-third of all food produced each year.
One of the most important ways to combat food loss is to enable more upstream processing of agricultural products, which will decrease perishability at the farm gate.
Customers are still wary of smaller food processors’ quality standards, even though there is a growing demand for processed produce worldwide.
By interfering early in the supply chain, Elevate Foods’ novel business model helps agri-produce buyers by providing a more traceable and sustainable solution. It also works with farm-gate manufacturers to modernize their operations and uphold strict quality standards.
Without owning factory assets, Elevate Foods hopes to become the area’s top food processor with a goal of reducing carbon dioxide emissions by 100 million tons and generating $100 million in revenue in the future.
