Freshket, a Thai startup transforming the restaurant food supply chain has secured additional funding on the back of rapid business growth this year. The latest round was led by Thai President Foods or TFMAMA and Kliff Capital with continued support from existing investors, including Openspace and ECG Venture Capital. The company raised $8 million in this round.

Freshket was founded by Ponglada Paniangwet, the current CEO, who recognized that Thailand was facing a fragmented and disorganized food supply chain whilst the country’s 700,000+ food businesses were demanding high-quality, standardized ingredients at fair prices, coupled with convenient and easy management such as late-night ordering, delivery to the store, complete product delivery, and consolidated billing. Freshket was one of the first to apply technology to solve these challenges, streamlining and improving the entire process – from sourcing fresh ingredients to delivering them directly to restaurant doorsteps everyday. 

"As a company with over 50 years of experience in the food industry, Thai President Foods (TFMAMA) understands the importance of providing high-quality, affordable food products. We believe that freshket’s technology-driven approach aligns with our commitment to delivering value to consumers. By partnering with Freshket, We hope to support Freshket in providing fresh, quality ingredients, ultimately benefiting consumers and letting us enter into new area beyond our core business.”, said an executive from Thai President Foods (TFMAMA.) 

In a period of intense competition in the F & B sector,  Freshket removes the daily difficulties and uncertainties around ingredient and inventory management, and enables restaurant operators to focus on differentiating themselves through exceptional dining experiences and creative menus. The Thai Restaurant Association is actively encouraging restaurants to adapt their business models and change traditional purchase behaviours as a means to ride out the current challenges. And, as of now, Freshket has a growing and loyal customer base of 26,000 restaurants, who rate the business as offering a 99% service quality rate and enjoy affordable, convenient and reliable delivery of high quality fresh produce and other cooking essentials from Freshket’s range of 10,000 items. This has underpinned a 40% increase in Freshket’s revenue from the food service sector alone, including independent operators as well as large outlet chains. 

“Freshket has evolved to become a one-stop solution for food businesses, providing sourcing, fulfillment, and delivery services. Freshket remains committed to delivering high-quality products and services as the core of our business. We are currently expanding into new markets and customer segments while maintaining our existing customer base. Moreover, the strategic partnerships with leading Thai companies such as Thai President Foods (TFMAMA) will further enhance our ability to provide a wider range of products to our customers”, said Ponglada Paniangwet. 

Komjak Rattakham, Chief of Staff at Freshket, added that "this funding will not only strengthen our financial position but will also fuel our continued growth, enabling us to develop new services that cater to our customers' evolving needs. It aligns with our goal to develop customer-centric innovation and continued growth in the coming year."

The latest investment will not only fund expansion to service increasing demand from restaurants, but will also foster growth through strategic collaboration. By working closely with investors who have a deep industry knowledge and experience, Freshket is best placed to live up to its promise of constantly enhancing its platform, expanding its service offerings, and delivering a more comprehensive solution to its customers. 

“Kliff Capital has a proven track record of investing in leading companies across various industries. We recognize this potential in Freshket, which distinguishes itself through its innovative application of technology to streamline Thailand’s food supply chain. We firmly believe that Freshket will not only enhance the efficiency of fresh/dried food supply management for restaurants and consumers but also foster a fair and sustainable ecosystem for all stakeholders.”, concluded ‘Kip Tiaviwat PhD’ from Kliff Capital. 

In the previous funding round in 2021, freshket secured a US$23.5 million (or 800 million baht) investment led by PTT Oil and Retail Business Public Company Limited (OR) with other prominent companies and investment funds.