Thai food producer Betagro has agreed to acquire a majority stake in Freshket, a digital food supply platform serving more than 20,000 foodservice operators in Thailand.
The investment, made through Betagro Ventures, will give the Stock Exchange of Thailand (SET)-listed company a direct digital distribution channel to hotels, restaurants, and catering businesses, according to an announcement.
Financial terms of the acquisition were not disclosed.
Founded in 2017, Freshket connects farmers and food producers with businesses through an online platform offering more than 10,000 products. The company said its delivery accuracy exceeds 98.5%.
The acquisition combines Betagro’s food production capabilities and nationwide logistics network with Freshket’s digital distribution platform, allowing the companies to strengthen supply chains and expand access to foodservice customers.
“Freshket has built the leading digital channel to Thailand’s foodservice operators, and Betagro brings the production and logistics scale to stand behind it,” said Chayadhorn Taepaisitphongse, president of animal nutrition and new ventures at Betagro.
Freshket plans to expand its imported product range, including seafood, premium Japanese ingredients, cheese and butter, while extending its service coverage beyond Bangkok, Pattaya, Hua Hin, and Khon Kaen to Greater Bangkok and major regional cities.
The company also plans to upgrade its cold-chain logistics to maintain product quality during delivery.
Freshket CEO and co-founder Ponglada Paniangwet said Betagro’s logistics network and capital would help the platform provide foodservice operators with reliable supplies at competitive costs.
“With Betagro’s logistics network and capital behind us, we can deliver high-quality, cost-effective ingredients to foodservice operators and drive sustainable growth for our business over the long term,” Paniangwet said.
Betagro produces and distributes animal feed, livestock, meat, eggs and processed foods for domestic consumption and export to more than 35 countries. The company also operates in pet food and other related businesses.
DealStreetAsia reported on Freshket’s $23.5 million Series B funding round in 2022. The round was led by Thailand-listed PTT Oil and Retail Business Public Company Limited and backed by existing investors.
Freshket raised $3 million in its Series A funding round in 2020, which was led by Openspace Ventures. In 2017, the startup raised an undisclosed seed funding round from 500 TukTuks.
