Far from chasing the latest technological fads like blockchains and ICOs, these founders have set their sights on the food supply chain – a sector that remains relatively untouched by the ever-expanding appetite of the software industry.
They are facing resistance, but it is often subtle.
“There are not a lot of outright rejections while investors process information and make decisions,” says Praise Phuan, director of Packet Greens, an urban farming startup based in Singapore.
While she got replies along the lines of “we’re interested and willing to consider,” these did not always translate into action.
Packet Greens got its money in the end when it raised US$1.5 million from government-related venture capital firm SPRING Seeds Capital and cleantech-focused fund Trirec.
However, technology companies and investors are increasingly aware of opportunities within the entire supply chain of Asia’s food market, which is the largest in the world.