LatamList – Frubana, the Colombian agritech platform, raised a $65M Series B led by Hans Tung, partner at GGV Capital. Previous investors Tiger Global Management, SoftBank, Monashees, and new investor Lightspeed Venture Capital also participated in the round.
Frubana is a B2B platform that provides agri-products and packed goods for restaurants and small retailers. The startup raised a $25M Series A in 2020, and has now raised a total of $102M in funding.
During the first months of the global pandemic, Frubana found business was greatly affected due to the closure of many restaurants. The startup realized that restaurants that remained open needed a more complete service and began to offer packed goods and kitchen staples alongside fresh produce.
With the shift in services, the startup experienced a six-fold growth in customers and tripled its sales. The new funding will enable Frubana to improve on the platform’s technology and continue its regional expansion in Mexico and Brazil.
“We continue to strive to provide the most affordable food in Latin America, and we will do this through improved technology and optimizing supply channels,” said Fabián Gómez, founder and CEO of Frubana.
Frubana is dedicated to serving local farmers and producers using algorithms and market data to share out product demand and optimize harvest and production for the needs of the market. The startup is also considering launching a financial service for restaurants, similar to Square’s service for merchants.
“We are aiming to be the ‘one-stop-shop’ for restaurants, with one platform that allows restaurant owners to save money and time, and make all their product orders for the restaurant, in one place,” said Gómez.
Read more on Forbes.
