Funding fund backed by “large man” Alibaba pours cash into Homefarm

In accordance with data from DealStreetAsia, Alibaba’s eWTP Innovation and Know-how Fund has invested in a Vietnamese meals chain known as Homefarm. Though he didn’t disclose the particular funding quantity, Homefarm CEO Tran Van Truong revealed that this funding has “seven digits”.

Based in 2014 by CEO Truong and his associates, Homefarm is a sequence of shops promoting imported meals in Vietnam, combining fashionable buying channels, on-line gross sales and residential supply.

“The proceeds from this funding spherical will probably be used to develop and develop Homefarm’s retailer chain with the aim of reaching 1,000 shops by 2025,” mentioned CEO Truong. As of July 2021, Homefarm has operated 150 shops in Vietnam.

Along with the present gross sales channels, Homefarm will proceed to distribute items on e-commerce platforms to achieve extra prospects. With this funding, Homefarm will rapidly take part in digital transformation, in addition to entry and develop fashionable gross sales strategies, CEO Truong added.

The most recent funding is thru the ReDefine Capital Fund, a Singapore-registered funding group managed by eWTP.

An investment fund backed by giant Alibaba pours money into Homefarm - Photo 1.

Alibaba’s eWTP Innovation and Know-how Fund is a $600 million fund established in 2018. Alibaba and Chinese language billionaire Jack Ma’s Ant Group had been the preliminary traders within the fund. The fund’s aim is to achieve potential startups in rising markets in addition to Chinese language startups focusing on rising markets.

Just lately, DealStreetAsia reported that eWTP has elevated its funding in Vietnamese retail firm Ficus Asia Funding by investing $10 million. The eWTP Basis invested $50 million in Ficus final yr.

In July, eWTP invested $2 million in a Sequence A funding spherical in Educa Company, which operates edtech startup Edupia.

The eWTP fund has additionally invested in KKGroup and Chinese language fintech firm XTransfer, logistics startup Flash Categorical (Thailand) and Indian meals know-how firm Box8.

Vietnam’s meals and beverage sector has not too long ago seen a flurry of outstanding offers. In July, meals tech startup KAMEREO raised $4.6 million, led by Thailand’s Charoen Pokphand Group CPF, Quest Ventures and Genesia Ventures.

In accordance with Goh Yiping, a associate at Quest Ventures, Vietnam is likely one of the largest meals manufacturing hubs in Southeast Asia. “There may be nonetheless room for progress in fixing provide chain inefficiencies, bettering farmer outputs and creating the very best merchandise for companies and households,” he mentioned. “.

In 2020, Vietnam-based e-commerce startup Foodmap raised $500,000 in a seed spherical from Wavemaker Companions.

In accordance with, retail gross sales of meals merchandise have steadily elevated over the previous few years and are forecast to exceed $66 billion by 2023.

Supply: Nikkei

Phuong Linh

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