TE-FOOD ICO - Re-inventing food traceability with blockchain
What is TE-Food?
TE-FOOD offers a food traceability solution with a focus on emerging markets. It is claimed to be adopted by over 6,000 companies with a reach of 30 MN people. What is food traceability? As the name suggests, it tracks the items through the supply chain i.e. from farm to the table and provides the consumers, regulators, and logistics companies important information to ensure food quality thereby reducing food-borne diseases. This also enables taking preventive measures in case a batch is found to be infected allowing it to be quickly isolated. The current business is already tracking 12K pigs, 200K chickens and 2.5 MN eggs on a daily basis and the company plans to extend this to track cattle, fish, seafood as well as fruits and vegetables in 2018.
What makes it attractive?
- TE-FOOD has a working product and a strong business case. Food traceability is increasingly being adopted globally. The whitepaper claims that the market is expected to be worth $15 BN in 2021 with a CAGR of high growth coming from Asia-pacific of over 16%.
- TE-FOOD will provide physical identification tools (1D/2D/RFID), web and mobile software solutions (apps, reporting tools, consumer tools) at low fees to governments, companies and other organizations. It is already operational in Vietnam since 2016 with customers including Auchan, Aeon, Cocomart, Lotte Mart, Vissan, CP Group, etc.
- Also planned are food safety sensor tools (prototype in place), marketplace with trading related data, animal facial recognition
- Roadmap to launch TE FOOD in 17 countries within 5 years
- The project team includes experts in food safety, software developers and entrepreneurs. They plan to market the company with exhibitions, conference attendance and lot of B2B and B2A marketing activities in addition to finding local and international partners to grow in emerging markets
- Other competitors such as Provenance, Ambrosus (I have also invested in this) do not provide a full solution for specific food categories (such as livestock) and follow a more generalized approach and may not have a full solution already available as opposed to TE FOOD
Token Sale
- Total tokens: 1 BN (40% for token sale)
- 10% for marketing, proof-of-care, advisors and cafetaria pool
- 50% to be in reserve
- TFOOD = $0.05
- 60% of funds will be used for market expansion, 25% for R&D, balance for operations and legal
If you are interested in more technical details and the process, I recommend you visit TE-FOOD ICO page here: https://ico.tefoodint.com/
Happy investing!