TreeDots sees strong 2023 revenue growth powering into 2024

One person’s trash is another’s treasure.

This has proven true – literally – for TreeDots, a Singapore-based startup that aims to reduce food waste.

In 2023, the company grew its revenue by 53% year on year, according to its audited financial statement.

While still in the red, it also reduced its losses by 29% in that time frame.

This trajectory appears to have continued through 2024, with TreeDots co-founder Tylor Jong telling Tech in Asia that the firm was EBITDA positive as of the third quarter of last year. He also expects 2024 revenue to be up to 60% higher compared to 2023.

Cold chain service

TreeDots was founded in 2017 by Nicholas Lim, Lau Jiacai, and Jong.

Its model is simple: The platform connects suppliers that have excess or imperfect food to businesses who are willing to buy them at lower prices. It also offers a logistics service to help businesses deliver temperature-sensitive products more efficiently.

Globally, 20% of all food produced annually is wasted, which means TreeDots has found itself a large addressable market.

But it’s got big competition on the cold chain logistics front. Ninja Van is looking to expand in this space, and its CEO Lai Chang Wen recently told Tech in Asia that he expects the business to be a “significant contributor” to the logistics player’s profitability “in the near future.”

TreeDots co-founder and CEO Tylor Jong / Photo credit: TreeDots

For TreeDots, its freight transport services generated sales of US$3.3 million in 2023, growing at 152% year on year. Still, its main source of revenue is from its marketplace business, with sales increasing 45% for the year to US$28 million – comprising 87% of the company’s overall top line.

Jong adds that a large portion of its 2023 revenue increase came from its Indonesia business, which displayed higher sales from a wider range of products – notably those that are protein-related.

Meanwhile, its Singapore operations displayed a more profitable profile during the year. “Moving forward, we would have our Indonesia business replicate that success,” Jong says.

While the company’s 2024 financials are still under external auditing, Jong expects revenue to increase by a further 50% to 60% compared to the previous year.

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