Business

Colombia's SoftBank-backed Frubana raises $65 million to expand in Latin America

Participants in the round included Hans Tung and venture capital funds GGV Capital, Tiger Global, SoftBank, monashees, and Lightspeed Venture

Reuters

02.Jun.2021 10:00 BRT
UPDATED 15:40 BRT

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Founded in 2018, Frubana has a presence in Mexico, Colombia, and Brazil;
The contribution had Hans Tung and venture capital funds GGV Capital, Tiger Global, SoftBank, monashees, and Lightspeed Venture among the participants.

Colombia‘s e-commerce platform for restaurants Frubana announced on Wednesday that it has secured a $65 million round to fund its expansion in Latin America. The fundraising had among the participants Hans Tung and venture capital funds GGV Capital, Tiger Global, SoftBank, monashees, and Lightspeed Venture.

The company presents itself as a digital platform that uses everything from weather information to foot traffic to help restaurants reduce their costs. In addition, it buys products directly from farmers. “By doing so, Frubana avoids unnecessary middlemen and reduces waste,” it says.

Founded in 2018, Frubana has a presence in Mexico, Colombia, and Brazil. The company, which says it has waste levels close to 1%-2% of platform tonnage handled, compared to more than 50% in the traditional supply chain, has a goal of zero food waste by 2030 in the supply chain.