5 Startups Implementing Blockchain for Food Traceability in 2024
Food traceability systems have relied heavily on paper-based records and fragmented digital solutions. These methods are often prone to errors, lack real-time tracking, and struggle with data integrity and transparency. Challenges such as counterfeiting, food fraud, and inefficiencies in recall processes necessitate a more robust solution for the food industry.
Enter blockchain, known for its ability to provide a decentralized, immutable, and transparent ledger. Blockchain enhances traceability by creating a secure and unalterable supply chain record, offering real-time tracking and verifiable authenticity of food products.
This technology addresses the limitations of conventional traceability systems and adds value by enhancing food safety, reducing waste, and increasing consumer trust.
This article explores five growth-stage startups in the food sector working on solving critical challenges with blockchain.
These startups have the potential to grow rapidly, are in a good market position, or can introduce game-changing technology to the market in the next 2-3 years.
This makes them a great option to partner with, collaborate with, or acquire.
Explore trends that will impact Food Tech in 2024. Get access to the Food Tech Trends 2024 report from here –
1. TraceX Technologies – Leverages Blockchain to Improve Supply Chain
| Founding Year | 2019 |
| Headquarters | Karnataka, India |
| Total Funding Amount | $1M |
| Last Funding Round/Amount | Non-equity Assistance |
| Website | tracextech.com |
TraceX Technologies uses blockchain technology to manage food supply chains for better traceability.
It offers pre-harvest and post-harvest solutions, namely Trace Gro and Trace Pro. Its solutions help with crop and plot management, production planning, input and inventory management, and more. Its platform further manages post-harvest processes such as the supply chain.
Srivatsa Sreenivasarao is the founder and CEO of this startup. He graduated from the Indian Institute of Management with 10+ years of startup experience.
TraceX Technologies has raised $1M in funding, the latest of which was raised on June 20, 2023.
2. TE-Food – Uses Blockchain to Improve Food Traceability
| Founding Year | 2016 |
| Headquarters | Budapest, Hungary |
| Total Funding Amount | $19.09M, Self-funded via an ICO |
| Last Funding Round/Amount | Undisclosed |
| Website | te-food.com |
The TE-FOOD system enables consumers to access transparent food information via blockchain, thus improving food traceability. This traceability makes it easier for brands to comply with the import regulations of target countries.
TE-FOOD provides solutions for companies with any technology maturity level. They already work with various companies, from smallholder farms to global corporations such as Auchan from France and Migros from Switzerland.
Their CEO, Árokszállási Erik, holds over 30 years of experience as a C-suite executive across ventures.
They have raised $19.09M in funding from the (ICO) initial coin offering.
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3. Decapolis – Transforms the Food Industry’s Certifications
| Founding Year | 2018 |
| Headquarters | Amman, Jordan |
| Total Funding Amount | $250K |
| Last Funding Round/Amount | Corporate |
| Website | decapolis.io |
Decapolis uses blockchain technology to transform the food industry’s certifications and chain-of-custody processes. Decapolis provides transparency and authenticity tracking throughout the supply chain journey by assigning and verifying certifications for product characteristics like organic, high-quality, or fair trade status.
Interested parties, such as businesses or consumers, can securely check and audit the transactions and verify the integrity of the information provided. This empowers consumers to make more informed purchasing choices by giving them access to the product’s comprehensive background and certification details from the blockchain records.
Decapolis Food safety and quality assurance Traceability Solution
Furthermore, using real-time data insights and analytics, this system helps identify inefficiencies, streamline workflows, and reduce waste throughout the production cycle.
The CEO, Abedalrhman Habashneh, has 12 years of expertise in strategic business development. Decapolis has raised $250K in funding, the latest of which was raised on October 4, 2022.
4. Ecotrace – Provides Traceability from Farmers to Retail
| Founding Year | 2018 |
| Headquarters | Sao Paulo, Brazil |
| Total Funding Amount | $1.1M |
| Last Funding Round/Amount | Seed/$600K |
| Website | ecotrace.info |
Ecotrace is a blockchain-based end-to-end commodities traceability platform. It works with the refrigerated storage industry for cattle and poultry farming, enabling traceability from the farmer to retail.
The farmer can access all the information through their systems, allowing better production management. For consumers, this means transparency and a guarantee of the origin of the products, from farm to retail, since the products are monitored at all stages of the process.
The CEO, Flavio Redi, has 22 years of experience in startup building and an MBA in Administration and IT from the University of Southern Santa Catarina.
Ecotrace has raised a total of $1.1M in funding. Their latest funding was from a seed round on Jan 15, 2021.
5. Farmer Connect – Helps Farmers Connect Digitally
| Founding Year | 2019 |
| Headquarters | Geneve, Switzerland |
| Total Funding Amount | €7.5M |
| Last Funding Round/Amount | Series A/€7.5M |
| Website | www.farmerconnect.com |
Farmer Connect is an ag-tech scaleup that provides software to help smallholder farmers connect digitally to the agriculture supply chain using AI and blockchain technology.
Their system enables you to map the supply chain from beginning of the product’s journey until it reaches the end consumer. The traceability software seamlessly collects and reports on ESG (Environmental, Social, and Governance) compliance requirements, delivering transparency to the end consumers.
The CEO, Dave Behrends, has two decades of business management experience. He is also the managing partner at Sucafina, a farm-to-roaster coffee company.
Farmer Connect has raised €7.5M in funding. This was a Series A round on March 16, 2021.
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Authored By – Hemanth Shenoy, Market Research
