New Zealand supply chain traceability player gets $57m
New Zealand’s Oritain, a supply chain traceability and authentication company with a presence in the US, Europe, and Australia, has raised USD 57m led by UK-based VC firm Highland Europe.
Long Ridge, a US financial and business technology specialist that has backed the company since at least 2021, also participated. The investment has been described as part of a Series C now amounting to USD 70m. Previous investors include UK agriculture technology-focused VC firm Agronomics.
Oritain specialises in forensic traceability and services related to verifying the true origin of products and commodities. Its technology is said to create a unique fingerprint from products worldwide and prove its provenance from meat to honey, milk, and fibres.
The company has more than 100 clients globally, including fashion and retail players Lacoste, Supima, and Primark, as well as food brands A2 Milk and Nescafe. It claims to have a client retention rate of more than 100% and claims to have achieved compound annual growth of 90% a year for the past six years.
“Oritain’s forensic science can take a commodity sample and tell you precisely where in the world it comes from,” Jacob Bernstein, a principal at Highland who will join the company’s board, said in a statement.
“Does this cocoa come from a deforested national park? Is this cotton from where my supplier says it is? Is this coffee truly Brazilian, as the label says? This groundbreaking technology is a dream solution for sourcing and sustainability leaders at the world’s largest brands who can finally get to grips with the authenticity of their supply chains.”
Much of the business case for this model revolves around a trend toward increasingly strict compliance regimes for environmental, social, and governance (ESG) standards. Companies rely on data from traceability technology providers to prove the authenticity and quality of their products, reducing risk and fraud.
Previous investment in this niche in New Zealand includes local GP Oriens Capital acquiring 70% of IVS Group, a specialist in managing biosecurity contamination risks associated with importing and exporting. IVS, also known as Independent Verification Services, is largely focused on protecting the local environment from biocontamination.
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.