Nazca leads investment into Loads, out to change Latin America’s food supply chain


Share post:

We often take for granted how food gets to the grocery store, but the process isn’t always straightforward.

That’s where Loads wants to come in. The Chilean company was founded in September 2022 by Larry Gil to bolster the food supplier network across Latin America while also expanding its customer base in Asia and the United States.

Gil’s family used to be in the importer business and he saw firsthand how inefficient it was, Gil told TechCrunch.

Larry Gil, Loads, Latin America. food supply chain

Larry Gil, founder and CEO of Loads. Image Credits: Loads

“A huge part of the industry was still analog and not optimized,” he added. “I decided to leave my previous job and see if I could make a product that provided access to food in a better way and financial accessibility for importers.”

What Gil, CEO, came up with was a way to streamline the importer process so that food products are supplied easily. Importers can then shop for items just as easily. The technology stack includes monitoring of year-round availability of products, real-time order tracking, transparent pricing, access to market data and financial products.

Now a year later, Loads is working with more than 700 importers and 300 suppliers. It has exported products to countries like Colombia, Ecuador, Panama, Costa Rica, India, Canada, Holland, Dubai and Taiwan. It also has Chile, Peru, Argentina, Poland, Portugal, Spain and China as providers.

The company offers over 15 products, including apples, grapes and kiwi, of which the varieties give Loads more than 70 SKUs. Gil expects to market 1.4 million kilograms of food monthly through Loads’ platform by the first quarter of 2024.

“We started from zero, so we’ve had astronomical growth,” Gil said. “Right now, we have over $300,000 in gross merchandise volume monthly, and we are close to profitability, but we don’t want to stop there. We want to grow and achieve new geographies and continue our 27% month over month growth to finish out 2023.”

Investors like it, too. Nazca led a round of $2.05 million into the company recently and was joined by Canary, Alaya Capital and a group of angel investors.

Gil intends to use the new funding to expand in its current markets, including Brazil, Mexico and Argentina, while also expanding its customer base in Asia, Europe and the United States. Loads is also working on technology development, including making the platform easier to use for customers.

“We are tackling an industry where this way of doing things is unusual, and we want to change the purchase habits of suppliers,” Gil said. “We also wanted to grow our embedded fintech capabilities through partnerships to help clients get funding to continue their own growth.”

Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Tesla releases the Cybertruck, Sam Altman officially returns to OpenAI, and Evernote cripples its free plan

Hi, folks, welcome to Week in Review (WiR), TechCrunch’s newsletter that highlights some of the more noteworthy...

Shein a light

Welcome to the TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s inspired by the daily TechCrunch+ column where...

Deal Dive: Betting on beauty fads is big business

As a woman in her 20s with an Instagram account, I’ve witnessed the explosive rise and destigmatization...

I’m watching ‘AI upscaled’ Star Trek and it isn’t terrible

For years, dedicated Star Trek fans have been using AI in an attempt to make a version...

Robotics Q&A with Meta’s Dhruv Batra

For the next few weeks, TechCrunch’s robotics newsletter Actuator will be running Q&As with some of the...

It’s time for a heat check on the subscription economy and its proposed value to customers

Vijay Sundaram Contributor Vijay Sundaram is chief strategy officer at Zoho, where he drives corporate strategy, execution, channel management,...

23andMe says hackers accessed ‘significant number’ of files about users’ ancestry

Genetic testing company 23andMe announced on Friday that hackers accessed around 14,000 customer accounts in the company’s...

Ev startup Fisker cut its 2023 production target for the fourth time

Fisker, the California-based EV startup, cut its annual production guidance in an effort to free up $300...