SoftBank-backed unicorn Tridge nabs $37.2M in Series D funding round

By Ayushi Garg  | Date: August 25, 2022

SoftBank-backed unicorn Tridge nabs $37.2M in Series D funding round

South Korean startup Tridge has reportedly secured $37.2 million in a Series D funding round resulting in a post-money valuation of $2.7 billion.

Led by DSAsset, a native private equity firm, the funding round added to the total capital influx into Tridge which now stands at $111.7 million. Existing investors of the startup include Activant Capital and SoftBank Ventures Asia.

Reportedly, this new valuation demonstrated around 5.4x or 440% increase in Tridge’s post-money valuation of $500 million in July 2021 when it secured Series C funding of $60 million from Forest Partners, a Korean venture capital firm.

As per sources, the firm plans to use the capital to unveil new services, expand its foothold globally and invest in new technologies.

The supply chain disruption triggered by the COVID-19 pandemic and the Russia-Ukraine war has resulted in skyrocketing goods and services prices affecting the agriculture industry.

Tridge intends to offer solutions to address these obstacles through its online trade platform that matches global food agriculture sellers and buyers.

The platform helps buyers across more than 150 countries to research, order, and source required agriculture and food items at an affordable rate.

Commenting on the latest development, Hoshik Shin, founder and CEO of Tridge, mentioned that many transactions from all across the globe are taking place on their platform right from the U.S., India, Brazil, Vietnam, Australia, Tanzania, Turkey, the Netherlands, and Canada.

Mr. Shin further stated that Tridge is looking forward to solving global supply chain collapse and afflation problems.

The sales have been rising massively since last September, and with this newly raised funding, the firm will fast-track its global expansion plans.

Tridge claims that it currently has 447,786 users, up from 343,401 users in June 2021. Some of its major customers include Walmart, Nestle, Dole, Lotte Mart, Costco, Carrefour Kellogg’s, Mitsui & Co., Sysco, and Indofood.

Source Credit – https://techcrunch.com/2022/08/24/tridge-a-korean-platform-that-matches-food-agriculture-buyers-and-sellers-bags-37-2m-series-d-at-a-2-7b-valuation/

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Ayushi Garg     ibmag.com

Ayushi Garg

Currently working as an associate content writer, Ayushi pens down insightful articles for several websites. She began her profession by taking classes in digital marketing to broaden her skills. Given her passion for writing, she took up several freelancing projects ...

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