SG foodtech firm scoops up series A money

ProfilePrint, a food-ingredient analysis platform based in Singapore, has raised an undisclosed sum in a series A round.

ProfilePrint founder and CEO Alan Lai / Photo credit: ProfilePrint

Investors in the fundraise include Louis Dreyfus Company, Olam Food Ingredients, Sucafina, and other VC firms.

What ProfilePrint raised is 10x the amount it secured from its previous pre-series A funding in January, the company told Tech in Asia. The round also saw ProfilePrint’s valuation rise 3x since the last round.

ProfilePrint offers an AI-based search engine platform focused on food ingredients like coffee and spices, allowing sellers and buyers to instantly determine the quality of such items. The objective is to bring price parity for food ingredients with similar quality. It also aims to reduce the time and cost involved in getting the product quality assessed.

The startup was established in 2017 by Alan Lai, a former assistant CEO at IHDpay Group, a Hong Kong-based investment firm.

Outside Singapore, ProfilePrint also has offices in Belgium, Japan, with its China office soon to open. The company plans to use the fresh capital to invest in research and development and to roll out its services in new markets. It will also increase the headcount in Singapore from 18 to 25 in the next few months.

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Other investors in this round include:

• Greenwillow Capital Management
• Real Tech Global Fund

Correction (February 15, 2022 1:09 pm): The article has been updated to include correct locations of ProfilePrint’s offices outside Singapore.