Singapore-based DiMuto, a startup that provides end-to-end supply chain visibility for businesses, has raised an undisclosed sum from Latin Leap to enter Latin America, where strong growth of fresh produce trade is expected.
Latin Leap is a new VC studio in Singapore that focuses on opening up opportunities in Latin America for tech startups in Southeast Asia. It joins DiMuto’s other investors including SGInnovate, PricewaterhouseCoopers Singapore, and First Alverstone Capital, according to a statement.
According to a 2019 joint report by the Organization for Economic Cooperation and Development and the United Nations’ Food and Agriculture Organization, the total export value of tropical fruits stood at roughly USD 15.5 billion in Latin America from 2016 to 2018.
Improving the visibility of the supply chain
DiMuto, which was founded in 2018, uses blockchain, internet of things, and AI to help digitize the agrifood supply chain through its Track and Trace platform. Its proprietary device tags each fruit and carton with QR labels, which are then uploaded onto its trade platform to improve visibility and trade transparency.
The startup seeks to solve various challenges in the industry, including food waste, safety, and sustainability.
“With data captured using our solutions, stakeholders in the agrifood supply chain are now able to see the quality of fresh produce being shipped, creating trust and visibility in the uncertainty brought on by COVID-19,” said Gary Loh, founder and CEO of DiMuto.
To date, the company said it has tagged over 30 million fruits and had a presence in over USD 100 million worth of agrifood trades spanning seven countries including the US, China, Indonesia, Australia, and Mexico.
Late last year, DiMuto secured an undisclosed amount of funding to help drive its expansion into Europe and Latin America.
The startup was also one of the nine participating companies in Tribe Accelerator’s second cohort.
This article first appeared in Tech in Asia.