$58 million: Funds that Chinese Agricultural Startup Raises for Food Quality Control

BTC Wires: Chinese Agricultural Startup Wangjiahuan has closed a investment deal of RMB400 million (amounts to $58 million) in order to develop a blockchain platform for food quality control.

The startup, based in Guangdong, China was successful in raising $58 million by clearing Series A round of Global Logistic Properties, a major name in the logistic solution provider industry. The investment was carried out by the Hidden Hill Modern Logistics Private Equity Fund set up and owned by GLP. Established in May, for the lone purpose of logistic investment, it boasts of a fund base of RMB 10 billion ($1.46 billion).

Wangjiahuan wishes to use the capital in building and developing a blockchain based food quality control platform. The firm also aims at creating a big data cloud to collect and analyze data about its ever increasing customer base and building several warehouses to expand its operations across China.

Global Logistic Properties’ Investment officer and Hidden Hill Chairman Dong Fanghao shared his positive views about the decision saying, “The investment to Wangjiahuan is an important investment for GLP as it helps us to integrate the resources of our food and even logistics portfolio companies to help upgrade and complete the food service industry.”

Wangjiahuan is a food distribution company founded in 1995 that works for various government agencies and institutions. The company executes its various operation by way of six core groups of base management, logistics and distribution, warehousing centres, central kitchen, group meal service and e-commerce.

The company owns over 200,000 acres of country-wide high quality plantation along with recently acquired distribution rights for more than 200 Chinese food brands.

Similar initiative has been taken in the Southern part of Philippines where a blockchain-enabled charity group, along with help of local officials, are about to start an organic production based on Distributed Ledger Technology.

Seth Frederick Jalosjos, Filipino politician said about the development, “We are very hungry and very thirsty for something like this to come out of the most neglected islands of the Philippines. This will be a game changer in our country.

Even Australia is making a way for the brand ‘Food Tech’ as their government allocated a budget of $1.6 million to make its sugar more competitive by using DLT. The Sustainable Sugar Project is backed by the Australian Prime Minister himself and is targeted on Queensland, the main sugar export region in the nation.