Elevate Foods, a platform supporting small- and medium-sized farm-gate processors, has secured a pre-seed funding round of $525,000 led by Wavemaker Impact (WMi).
Elevate Foods, owned by Singapore-based GBN Food Solutions, plans to use the funding to set up a network for processed agricultural products. Additionally, the company will form a specialized team dedicated to sustainable food systems and improve quality management tools as it expands its presence in the Gulf and Southeast Asian markets.
With a focus on addressing food loss and waste, Elevate Foods empowers small-scale farm-gate food processors throughout India. The platform facilitates access to global markets and ensures adherence to rigorous quality standards, while also establishing a traceable and sustainable source of produce. Leveraging technology and market insights, Elevate Foods upgrades existing processors and contributes to building a more sustainable and resilient food ecosystem.
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Elevate Foods operates at the inception of the supply chain, establishing a sustainable and traceable solution for agricultural produce buyers. Simultaneously, they collaborate with farm-gate manufacturers to enhance their operations and uphold rigorous quality standards.
Its aim is to attain a revenue of US$100 million while reducing 100 million tons of carbon dioxide (CO2) emissions in the future.
Elevate Foods CEO and Founder Gayatri Bhatia said, “We are thrilled to announce the successful closing of our pre-seed funding round with the support of Wavemaker Impact.” “This investment is a significant step towards our goal of enabling Indian farm-gate processors to export their produce around the world and fostering a more robust and sustainable food system.”
In line with Elevate Foods’ objectives, The Asian Food Factory, a local food distribution company operating in Singapore and other Southeast Asian countries and owning its own retail chain called “Bazaar,” expressed excitement about the collaboration.
“We’re thrilled to partner with Elevate Foods to introduce top-tier Indian agricultural products to global markets through our private labels,” commented Abhay Sharma, Founder & CEO of The Asian Food Factory. “Their dedication to upholding quality standards and supporting local processors resonates perfectly with our goal of promoting sustainable cross-border trade.”
“We recognise significant potential in Elevate Foods’ innovative strategy of supporting Indian farm-gate processors to address the trillion-dollar food waste problem, presently contributing more than 4.5 Gigatonnes of Carbon Dioxide Emissions Equivalent (GtCO2e),” said Quentin Vaquette, Founder and CEO of Wavemaker Impact. “By addressing the hurdles encountered by processors through enhanced profit-purpose alignment, Elevate Foods is positioned to unveil fresh opportunities that will catalyse substantial transformation in both the agricultural and food processing domains.”
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