GrubMarket, a San Francisco, CA-based company providing AI-powered technology for the food supply chain industry, acquired Global Produce, a Cape Town, South Africa-based fresh produce business.
The amount of the deal was not disclosed.
With the acquisition, GrubMarket will expand into South Africa and strengthen its presence in the global food supply chain industry.
Founded in 2013 by Rutger Van Wulfen, who continues to run the business, Global Produce has international operations, with offices in Cape Town, Jakarta, Hong Kong, and Ho Chi Minh City, and a supplier base spanning South Africa, Namibia, Morocco, Egypt, New Zealand, Australia, and other regions of the world. The company also supports local farmers across Africa through a vertical integration initiative that connects them directly to end markets by packing goods under its GEO brand.
Led by CEO Mike Xu, GrubMarket is an AI-powered food supply chain industry technology enabler. As a first mover in the tech-enabled B2B food eCommerce space and a pioneer offering AI-powered software-as-a-service solutions, the company uses AI-powered technology to improve the global food supply chain. GrubMarket operates in all 50 U.S. States and has a global presence in Argentina, Canada, Chile, Colombia, Egypt, India, Mexico, South Africa, and Spain, with plans to expand further across the U.S., Canada, South America, Europe, Africa, and other parts of the world.
Commenting on the news, Mike Xu said: “The acquisition of Global Produce marks a pivotal moment in GrubMarket’s journey, as we continue expanding our physical presence internationally and ramping up our operations in South Africa. I have been impressed with Rutger’s wealth of international experience living in cities like Holland, Cape Town, Rotterdam, Jakarta, and even Hong Kong; his multicultural background has no doubt played a central role in Global Produce’s ability to reach customers in over 40 countries, including those in Africa, Southeast Asia, and the Middle East. We are looking forward to working with the Global Produce team to strengthen our global position in the food supply chain and work more closely with farmers and growers throughout South Africa. We are thrilled to welcome the Global Produce team to the GrubMarket family.”
FinSMEs
30/04/2024