Online marketplace for perishable goods FreshToHome is finalising a $130 Mn funding round from investors including Investcorp, Saudi corporate venture capital firm Raed Ventures, Middle East Oils and Grains, and US International Development Finance Corporation (DFC).
Existing investors Iron Pillar and Ascent Capital, and new backer David Wehner, the chief financial officer of Facebook, also participated in the round. Ascent Capital has already invested about $16.2 Mn, while DFC has committed to $20 Mn.
FreshToHome aims to leverage artificial intelligence and the internet of things (IoT) into the cold chain, food safety and sourcing processes. The filings revealed that the company manages to sell nearly 10K tons of produce per year, and has close to 95% qualified cohort retention and doubling every year. The corporate affairs filing also added that FreshToHome has 12 Lakh registered users.