The Startup Opening Doors for Farmers in Developing Countries

The startup helps farmers who use green and ethical farming methods to earn more.
The Startup Opening Doors for Farmers in Developing Countries
Hoshik Shin founded Tridge in 2015. Source: Business Insider

After a decade of investing in commodity markets, Hoshik Shin founded online marketplace, Tridge, in 2015. His aim was to build a network of sustainable producers and link them to buyers at home and abroad. The startup helps developing-nation farmers who are using green and ethical farming methods to earn more. This is done by linking them directly with food buyers around the world.

Food sold on Tridge includes peppermint leaves from Egypt, peanuts farmed in Nigeria and mangoes grown in India and Thailand. Shin founded the startup because he saw that suppliers in emerging countries are restricted to just meeting local buyers. Food sellers from 150 countries use the platform. They are able to make more than they would, had they sold to local buyers since the middle man has been cut out.

In April 2020, it raised $11 million in a Series B round. Previously, the venture secured $10.5 million in November 2019 from investors to bolster the business. Both rounds were led by telecommunications and internet group SoftBank.

Globally, consumers and retailers want to make sure their production and transportation do not damage the environment. Additionally, they want to ensure that they are not linked to buyers participating in illegal and unethical business practices. As a result, they are demanding more information about the goods they source, buy and eat. Tridge users include the world’s largest retailer Walmart Inc and French supermarket chain Carrefour.

The online platform has more than 1,000 food products, 60,000 suppliers and 40,000 buyers. In 2018, purchase requests totaled about $2 billion and it is to reach $10 billion in 2020. Tridge’s main rival is China’s Alibaba Group.

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