Wada FoodTech, a Tokyo-headquartered hot-chain decentralised foodservice platform, has raised $5 million in a pre-A3 funding round to fuel its expansion plans, according to an announcement.
The funding round, which brings the startup’s total funds raised to date to over $10 million, was co-anchored by pan-Asia venture capital firm MindWorks ETEC Fund and venture investor Golden Resources Development International.
Founded in Hong Kong and now headquartered in Tokyo, Wada FoodTech has developed an AIoT-enabled ecosystem that powers hot-chain logistics and vending machines capable of delivering fresh, hot bentos in just nine seconds.
Its sixth-generation technology has already facilitated over 1 million bento sales across Hong Kong, Japan, Australia, and Macau, per the announcement. The company also holds over 10 patents in Japan, the US, and China.
Wada FoodTech said the fresh funds will fast-track its growth in key markets such as Japan, the UK, EU, and Australia by scaling up engineering and manufacturing operations and upgrading its AI-driven backend systems, among others.
“This funding will accelerate our Area Master Franchising model—where patented technology of Wada FoodTech is the root, market penetration strength of franchisees are the branches, and restaurants are the fruit,” said Wada FoodTech CEO Jason Chen.
Last year, DealStreetAsia reported that private funding for foodtech startups in Southeast Asia dropped to an at least four-year low of $21.6 million in 2023 as investors lost their appetite for the sector amid a broader slowdown.
The 83% year-on-year decline in foodtech investments surpassed the 51% decline in total funding for the regional startup ecosystem last year, according to DealStreetAsia – DATA VANTAGE’s State of Foodtech in SE Asia 2024.
