DiMuto, an AgriFood trade solutions company from Singapore, has secured US$2.35 mn in ‘Series A’ funding led by the Yield Lab Asia Pacific
The Yield Lab is joined by SEEDS Capital, the investment arm of Enterprise Singapore, PT Great Giant Pineapple, Patrick Vizzone, Ocean Crest Investments and Asia Capital Pioneers Group. Existing investors include SGInnovate and Latin Leap. DiMuto is also a portfolio company of PwC Singapore’s Venture Hub’s programme.
According to DiMuto, the latest funding validates recent progress and significant market opportunity, enabling DiMuto to scale up product development and meet the growing demand for AgriFood trade visibility and trade financing.
DiMuto’s AgriFood trade solution aims to unify products, documents and payments on a single platform, tracking the flow of goods along with the respective flow of payments and creating a data-driven foundation for business visibility, trade financing, and insurance.
Gary Loh, founder and chief executive officer of DiMuto said, “DiMuto was really born out of my dual experiences of operating in the finance world for 15 years and operating a global fresh fruits and vegetables marketer and distributor. During my ten-year stint in the food industry, I realized there’s an urgent need for business leaders to be able to see all aspects of their business right down to the granular detail of each box, each payment, and each receipt, as well as see the auxiliary service providers supporting their operations. Being able to capture and have the visual confirmation of such business data on a single platform helps business leaders run the organization better.”
The company said in a press release that its AgriFood financing services tackle the US$1.9 trillion global trade finance gap, estimated by experts to be as high as US$3.4 trillion due to Covid-19, by making trade financing accessible to unbanked small-medium enterprises (SMEs) in AgriFood trade that have long faced difficulties accessing formal financing due to factors like creditworthiness, collateral requirements, short-term liquidity, and political or currency risk.
By using proprietary technology developed using blockchain, cloud, IoT and AI to create combined visibility between the movement of goods and movement of money on DiMuto Platform, DiMuto aims to enable primary data collection for valuable insights allowing AgriFood business leaders to better manage their supply chain in a more efficient and sustainable manner.
