Dear Investors, Partner,

As we approach the end of a dynamic third quarter and October, I am delighted to share some key highlights.

Q3 Market Expansion & New Partnerships

In Q3, we successfully extended our customer base into new markets. We are proud to announce our partnership with the largest tomato producer in the UK, where we’ve begun collaborating on their daily sales forecasting. This expansion continued in Italy, with a new client in the blueberry sector, and in Spain, where we secured a partnership with a leading beans supplier. These strategic wins not only diversify our customer portfolio but also strengthen our market position, as our pipeline of prospects continues to grow steadily.

New Investment from Smarter Ventures

On October 3rd, we took a major step forward by signing a significant investment agreement with Smarter Ventures. With over 100 years of combined experience in building companies and SaaS solutions, Smarter Ventures is the ideal partner to help accelerate Merqato’s growth. Alongside the investment, we have joined their Venture Grow Program, a collaborative initiative designed to navigate critical growth opportunities. We are confident this partnership will propel us to new heights and enhance our long-term strategic vision.

Technological Advancements

Our data science and software teams achieved a major milestone this quarter with the rollout of our new sourcing page. This feature, which was warmly received by our customers, is designed to enable our users to optimise their planning process with the support of Merqato’s AI. This is a brilliant example of empowering users with cutting-edge AI within a simple and user-friendly interface.

Key Industry Engagement at Fruit Attraction

In October, our team members Thomas, Jeremy, and Claire attended Fruit Attraction in Madrid—one of the most significant industry events of the year alongside Fruit Logistica in Berlin. This event provided a valuable opportunity to showcase Merqato in person, interact with prospective clients, and spend quality time with existing customers. Engaging with industry stakeholders in such a large event was an opportunity to keep a finger on the pulse of this evolving market.

Exploring New Growth Opportunities in Germany

We have taken several strategic steps to better understand the German market and refine our go-to-market approach:

• Partnership with AMI: We’ve established a long-term partnership with Germany’s AMI, enabling us to access valuable weekly market insights through a mutually beneficial barter agreement. This collaboration deepens our understanding of market dynamics and trends.
• Recognition from the Ministry of Agriculture: In July, we were honored with the Ministry of Agriculture’s Innovation Award, a milestone that opened doors for us to engage with the German LNV board and establish initial connections in the market.
• Obst & Gemüse Conference: In September, Thomas and Jan-Willem attended the Obst & Gemüse Conference in Düsseldorf, where they had the opportunity to engage with numerous German prospects and explore key industry opportunities.
• Strategic Discussions with Dutch-German Trade Leaders: On October 9th, Jan-Willem had the privilege of meeting with Prins Constantijn and the Dutch-German Trade Chamber (DNHK). Over dinner, they discussed growth opportunities, scaling strategies, and refining our market entry approach. These discussions have further solidified our commitment to expanding Merqato’s reach in Germany.