Vietnamese e-commerce startup FoodMap has announced an investment of US$2.9 million raised from venture capital firms in the hope of uplifting Vietnamese agricultural products’ values to the next level, according its founder.

FoodMap connects farmers and small- and medium-sized agricultural producers with end consumers to provide transparency and traceability of farm produce, according to the website of Techfest Vietnam, the biggest annual event for innovative startups in the country.

The $2.9 million funding has been mobilized from varied capital ventures including Wavemaker, BEENEXT, Vulpes, and Ascend Vietnam Ventures, Pham Ngoc Anh Tung, founder and CEO of FoodMap.asia, told Tuoi Tre (Youth) newspaper.

"FoodMap will use the fresh capital in expansion plans through recruiting key personnel and developing warehouse and operation systems,” Tung said.

The executive added that FoodMap has collaborated with over 300 domestic farms and agricultural producers to supply farm-to-table products to customers (B2C) and businesses (B2C) nationwide.

Since FoodMap entered Vietnam’s agricultural market in 2018, it has gradually cemented its role in providing a reliable supply of clean and legitimate agricultural products.

It is among the few technology startups licensed to resume operations and partner with the leading e-commerce platform Lazada to ensure food supplies for people during the COVID-19 lockdown.

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