Halal-focused foodtech startup WhatsHalal bags seed funding

Singapore-based WhatsHalal, a foodtech startup focused on the halal industry, has raised an undisclosed amount of seed funding at a valuation of S$4.5 million (US$3.2 million).

The capital was raised through FundedHere, a crowdfunding platform licensed by the Monetary Authority of Singapore, according to a statement.

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WhatsHalal plans to use the new funds to further develop its proprietary tech platform, make new hires, and push forward with its regional expansion plans.

The startup was founded in 2017 with a focus on integrating halal traceability in the food chain using blockchain technology. Its platform, called Assurance and Traceability Management System (ATeMS), acts as a single portal that manages the life cycle of a halal certificate, from the application phase to the daily management of the halal assurance systems.

ATeMS is connected to WhatsHalal Global Halal Fabric, which provides quicker referencing and retrieval of up-to-date data. It contains global halal standards, which help companies make smart decisions on entering any halal market worldwide.

With the platform, merchants are able to save time on preparing the paperwork and reduce the total costs of acquiring halal certification.

According to data from DinarStandard, global Muslim expenditure across lifestyle sectors is expected to reach US$3.2 trillion by 2024, with spending on halal food options contributing US$1.9 billion to that number. Despite increasing demand, getting halal certification remains a complicated process, the startup said, as each country has its own certification authority.

Since its launch in late 2019, ATeMS has gradually begun onboarding merchants in Singapore. The company is now looking to bring in merchants from Indonesia and in other parts of the region starting Q2 2020, according to the statement.

WhatsHalal is currently part of Plug and Play Indonesia’s innovation program. It previously joined the first cohort of Tribe Accelerator’s program in Singapore.