Beenext, Wavemaker join Vietnamese agritech firm’s $3m round

FoodMap, a Vietnam-based agritech firm, has raised US$3 million in a pre-series A round co-led by Vulpes Ventures and Beenext and joined by Ascend Vietnam Ventures as well as existing investor Wavemaker Partners.

The FoodMap team / Photo credit: FoodMap

Founded by Pham Ngoc Anh Tung in 2020, FoodMap connects farmers and food producers with individuals or business owners. It also has five private labels, including those for tea, coffee, fruits, chocolate, and seafood. These generate “the bulk” of its topline and margin.

The company operates from two warehouses in Ho Chi Minh City and has partnered with over 300 farmers and producers. It mixes in-house deliveries and third-party logistics to move produce around.

In a statement, FoodMap said it had a 60% customer retention rate, and that most deliveries were completed within 24 hours. It recently launched an affiliate program to increase its B2C segment and plans to approach modern and general trade outlets to ramp up its B2B coverage.

“FoodMap has been a pioneer agritech player and identified the massive opportunity while solving the problems faced by thousands of farmers and customers in Vietnam. FoodMap’s unique and highly scalable platform will help define and shape the future of how agricultural and food products will be distributed in Vietnam”, said Hero Choudhary, managing partner at Beenext.