The Pre-series B funding round of $2.1 million was raised by the Vietnam-based business-to-business (B2B) food sourcing platform KAMEREO, the company announced on Wednesday.
Reazon Holdings, Inc., Quest Ventures, and Thoru Yamamoto, CEO of FOODISON, a B2B seafood supply chain company listed in Japan, are co-leading the round, the company said in a statement.
The total amount of funding raised so far, including this funding round, is $7.2 million.
According to the company, the money will be used to bolster its sales force, expand its network of warehouses, and offer a wider selection of goods and private brands.
Since 2023, KAMEREO has been enhancing the development of its private brands, and a portion of the money raised in this round will go toward continuing to do so.
In addition to pushing the private branding of non-food items to raise brand awareness, the company will keep improving the development and distribution of ready-to-eat vegetables for supermarkets and convenience stores under its own brand.
KAMEREO is a platform that works directly with its partners and contract farmers by owning fruit and vegetable collection centers upstream in the supply chain.
Vietnam’s platform provides services to more than 3,000 companies.
It should be mentioned that the company managed to successfully weather the countrywide lockdown in Vietnam until the third quarter of 2021, at which point it was able to considerably expand its clientele and boost profitability.
Beyond restaurants, supermarkets, convenience stores, factories, schools, hospitals, and more are among its clientele.
In order to create a system that can fully satisfy customers’ needs, the company keeps adding new products to its lineup.
The food supply chain is dominated by large wholesale companies and agricultural cooperatives in developed nations like the US and Japan, but in Vietnam, these entities are non-existent and the market is largely made up of numerous individual dealers.
There’s potential for KAMEREO to become a major player in the industry given the market’s $100 billion size, compound annual growth rate (CAGR) of over 5 percent, and lack of obvious winners or market leaders.
