Freshket's bet on fixing Thailand's food supply chain lands $8M from Mama noodles

Freshket is a Bangkok food-supply platform that sources fresh produce, dry goods and kitchen essentials from farmers and suppliers and delivers them daily to restaurants, hotels and food businesses.

Tech could consolidate Thailand's fragmented fresh-food chain with sourcing, fulfillment and delivery — and B2B order values would make the unit economics work.

Raised US$23.5M Series B led by PTT Oil and Retail (OR) in May 2022, plus a US$3M Series A led by Openspace Ventures in 2020 and seed funding from 500 TukTuks.

Paniangwet and co-founder Tuangploi Chiwalaksanangkoon launched Freshket in 2017 after seeing how tedious and manual Thailand's produce trade was. The platform connected farmers and processors directly with restaurants, cutting out middlemen and giving restaurants predictable supply, late-night ordering and consolidated billing.

Openspace led a $3M Series A in 2020, then OR, Betagro Holding, ORZON and Volta Circle joined a $23.5M Series B in May 2022, by which point Freshket was moving about 100 million baht of produce a month — three times the volume of its Series A days. In December 2024 it raised $8M led by Thai President Foods (Mama instant noodles) and Kliff Capital, with existing investors returning.

Freshket serves over 26,000 restaurant customers in Bangkok from a catalogue of 10,000+ items with a claimed 99% service-quality rate, and said food-service revenue grew 40% ahead of the latest round. The TFMAMA tie-up is explicitly strategic: the noodle giant wants new routes to food businesses beyond its core consumer business.

B2B food supply has high order values, which gives the model healthier unit economics than consumer grocery delivery.

Freshket's asset-light approach — orchestrating a network rather than stocking inventory — kept perishable-goods costs manageable.

Each new restaurant is a repeat daily customer, so retention compounds into predictable revenue.

Corporate investors like OR and TFMAMA brought distribution hubs and product range, not just cash.

Thailand's 700,000+ food businesses give the platform a long runway even after 26,000 customers.

Founders who have run the industry they digitize start with the workflow solved; Freshket's edge was Paniangwet's processing center, not the software.

As of September 2026 Freshket remains a live, scaling business led by Ponglada Paniangwet, expanding beyond its Bangkok base into new provinces and customer segments and deepening its partnership with Thai President Foods. There is no public sign of a downturn or pivot; the December 2024 round was its most recent disclosed funding.