DiMuto, a Singapore-based AgriFood trade solutions company, has successfully closed its Series A funding round, securing a total of $5.9 million.
The round, which was led by The Yield Lab Asia Pacific, saw contributions from prominent investors including SiS Cloud Global Tech Fund 8, Gold Sceptre Limited, and Dave Chen, DiMuto said in a statement on Tuesday.
Existing investors such as SEEDS Capital, SGInnovate and PT Great Giant Pineapple also participated in the round, following their investments in DiMuto’s earlier $2.35 million fundraise in 2021.
According to the statement, the strategic infusion of capital will bolster DiMuto’s expansion into key markets, particularly in Latin America and the United States, as well as fast-track the enhancement of its innovative digital ecosystem.
It noted the latest Series A funding not only underscores investor confidence in DiMuto’s innovative approach but also paves the way for its continued leadership in the global AgriFood sector.
With this fresh capital, DiMuto said the firm is set to accelerate its mission of transforming the AgriFood supply chain through digitalization, enhancing transparency, and fostering sustainability across the industry.
The firm also plans to broaden its marketplace arm and venture into greenhouse-based agriculture and climate-adaptive varietal development.
This move will enhance year-round supply resilience and scale the company’s private label, SoLuna Fresh, which has successfully marketed traceable fresh produce from Latin America into Asia markets, particularly in tropical and berries categories.
“In a year marked by global economic challenges, this influx of capital is a resounding validation of the company’s growth trajectory, and will enable us to leverage our momentum in the Latin America and US markets and bring us closer to our mission of redefining global Agritrade,” said Gary Loh, Founder and Chief Executive Officer of DiMuto.
DiMuto is a firm using tech to create and connect a sustainable, global AgriTrade ecosystem.
The firm is founded by Gary Loh, who is also the Executive Chairman of First Alverstone Group.
Since 2019, the firm has successfully tracked and traced over millions of pieces in produce and millions in dollars of trade value on its platform, working with a global portfolio of clients in over ten countries and five continents.
The firm supports AgriFood trading with its three pillars of marketplace, trade management, and trade financing.
The trade management platform digitizes every carton of AgriFood products for quality assurance and data visibility.
Its traceable marketplace connects verified buyers and suppliers to enhance transparency and trust, while its financial services provide post-shipment trade financing to address critical financial needs and drive business growth of AgriFood companies.
“We are pleased to support DiMuto in its latest funding round and lend our expertise to the scaling of its AI-powered Financial Services,
“There is significant interest from the AgriFood industry for such trade financing solutions, and we are confident that DiMuto’s real-time data capture and AI-driven financial scoring are poised for great success,” said Lim Hwee Hai, Managing Director of SiS Asset Management.
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