Vietnam-based business to business (B2B) food sourcing platform KAMEREO announced Wednesday that it has raised $2.1 million in Pre Series B funding.

The firm said in a statement that the round is co-led by Reazon Holdings, Inc., Quest Ventures, and Thoru Yamamoto, Chief Executive Officer of FOODISON, B2B seafood supply chain company listed in Japan.

With this funding round, the total funding amount to-date has reached $7.2 million.

The company said that it intends to use the funding to focus on strengthening its sales team, increasing the range of products and private brands, and enlarging its warehouse network.

It is noted that KAMEREO has been strengthening its development of private brands since 2023, and part of the funds raised in this round will be allocated to further develop its private brands.

The firm will continue to enhance the development and sale of ready-to-eat vegetables for supermarkets and convenience stores under its private brand, as well as furthering the private branding of non-food materials to increase brand awareness.

KAMEREO is a platform owns vegetable and fruit collection centers in the upstream of supply chain to directly work with its partner and contract farmers.

The platform serves over 3,000 businesses in Vietnam.

It is noted that the firm successfully overcame the nationwide lockdown in Vietnam until the 3rd quarter of 2021 and since then has been able to significantly grow its business and improve profitability.

Its customer base extends beyond restaurants to include supermarkets, convenience stores, factories, schools, hospitals, and more.

The firm continues to expand its product offerings to establish a system capable of meeting customers’ needs comprehensively.

While in developed countries such as Japan or the United States, major wholesale companies and agricultural cooperatives dominate the food supply chain, in Vietnam, such players are absent, and the market is primarily composed of many individual dealers.

With a market of $100 billion with a compound annual growth rate (CAGR) over 5 percent and no clear market leaders or winners, there is room for KAMEREO to become a major player in the industry.

“KAMEREO has been diligently constructing a robust food supply chain amidst the logistical challenges of Vietnam, where the infrastructure for supply chain and logistics, akin to that of developed countries, is not readily available,” said Satoshi Kuriga, Senior Executive Director of Reazon Holdings, Inc.

According to him, Taku Tanaka, the Founder of KAMEREO, exhibits a remarkable talent for assembling teams to achieve this ambitious goal.

“Numerous companies and startups have attempted similar endeavors but ultimately faltered, withdrawing from operations due to the formidable challenges of building and managing teams and operations in this context,

“Despite the immense size of Vietnam’s food supply market, no clear winner has emerged. We firmly believe that KAMEREO is poised to seize this opportunity and emerge as the market leader. As avid supporters, we are committed to assisting the KAMEREO team in realizing this vision,” he added.

James Tan, Managing Partner of Quest Ventures, said that KAMEREO is well-positioned to tap into the large wholesale and cooperatives potential in Vietnam.

“The food supply chain in Vietnam is highly inefficient due to its complex structure and the small scale of operators,

“KAMEREO has built an impressive infrastructure to provide customers with an affordable and reliable supply of vegetables and fruits,” he added.

Thoru Yamamoto, Chief Executive Officer of FOODISON, said that through his experience in the fresh food distribution platform business in Japan, he has developed a deep understanding and strong interest in KAMEREO’s business in Vietnam.

“As I deeply comprehend KAMEREO’s business model and Tanaka’s exceptional organizational skills, I am confident that their strengths will be a crucial factor in furthering growth in the Vietnamese market,

“Additionally, it is evident that Vietnam’s fresh product supply chain is underdeveloped compared to Japan,” he said.

In this regard, he opined that KAMEREO can offer an innovative supply chain without the cost of replacing existing ones, potentially experiencing rapid growth.

“The potential of KAMEREO’s platform in the untapped market of Vietnam is significant, and future growth is anticipated,” he added.

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