Chinese agriculture startup Wangjiahuan raised $58 million to use blockchain for food quality control platform.
Chinese agricultural startup Wangjiahuan has closed a $58 million (RMB400 million).
Series A round of funding was led by Global Logistic Properties, a Singapore-based logistics solution provider, to develop a blockchain-enabled food quality control platform, reported Deal Street Asia.
In addition, Wangjiahuan will use the funds to build a big data cloud platform that will analyze and collect information to advance logistics and cultivate the company’s operations all-over China by establishing warehouse centers using distributed ledger technology (DLT).
“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,” GLP chief investment officer and Hidden Hill chairman Dong Fanghao was quoted as saying.
The $1.46-billion Hidden Hill Modern Logistics Private Equity Fund invested the funds for GLP, which was established in May to invest in logistics.
Wangjiahuan is a food distributor founded in 1995 for government agencies and institutions. The company has six major sections comprised of warehouse centers, central kitchen, base management, group meal service, logistics and distribution, and e-commerce.
Only recently the company was granted general distribution rights for over 200 food brands across China aside from more than 200,000 acres of high-quality plantation all-over the country.
Organic farming in Philippines
A similar blockchain initiative is currently underway in Southern Philippines with local officials and a blockchain-enabled charity foundation forging an agreement to transform agricultural lands in the region into organic production by 2020 through the use of DLT.
Zamboanga del Norte Congressman Seth Frederick “Bullet” Jalosjos said the Organic Osmena 2020 project would make Mindanao the first region in the country to be 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,” Jalosjos told Cryptovest in an interview earlier.
In Australia, the federal government allocated $1.6 million (A$2.2 million) to make its sugar production more competitive using blockchain technology. Australian Prime Minister Malcolm Turnbull is backing the Sustainable Sugar Project, which targets Queensland, the primary sugar export region of the country.