Chinese Agricultural Startup Wangjiahuan Closes a $58M Series A Round
A Chinese agricultural startup has raised a cool $58M which will help it leverage blockchain for food quality control. The Series A round was led by a Singapore-based logistics firm, Global Logistic.
Wangjiahuan will also use part of the funds to develop a large data cloud platform for collecting information and analyzing it in order to advance logistics as well as cultivate its operations across China. The company use distributed ledger technology to establish warehouse centers.
“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 foodservice industry,” Dong Fangao, GPL’s chief investment officer, said.
Founded in 1995, Wangjiahuan specializes in food distribution, and has six major sections which comprise of e-commerce, logistics and distribution, group meal service, base management, central kitchen, and warehouse centers.
Just recently, the company was granted distribution rights by the government, allowing it to distribute more than 200 food brands across the country and run over 200,000 acres of plantations.
Similar Blockchain Initiative Underway in Philippines and Australia
A similar blockchain project is also underway in Philippines with blockchain-enabled charity foundation and local official agreeing to transform major agricultural lands in the southern parts of the country into organic production by using DLT by 2020.
Seth Frederick Jalosjos, the congressman of Zamboanga del Norte, said that the project would make the entire Mindano the first region within the country to actualize such a project powered by cryptocurrency.
“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,: stated Jalosjos in an interview.
The federal government of Australia also allocated some funds to enable its sugar production become more competitive by using blockchain technology. It set aside $1.6 million to see the initiative success. Malcolm Turnbull, Australia’s Prime Minister, fully supports the sustainable sugar project, targeting the primary sugar production region Queensland.