Mandalay Venture Partners has announced a significant milestone in its journey to revolutionise the agritech landscape. The venture capital firm, focused on agricultural technology, has secured its first strategic investor: Segi Fresh, a prominent supermarket chain in Malaysia. This partnership marks a first for Australia, as it embeds Australian agricultural technology across Malaysia, with the potential to transform fresh food supply chains in the region.
Segi Fresh’s investment in Mandalay’s Fund I will facilitate the integration of various agritech solutions within its operations. The collaboration aims to drive efficiency, improve sustainability, and elevate food quality for consumers throughout the ASEAN region. This move is not just a business decision but a strategic commitment to leveraging technology to reduce waste, optimise logistics, and boost sustainability in the fresh food supply chain.
Mark Gustowski, Managing Partner of Mandalay Venture Partners, expressed enthusiasm about the partnership, highlighting the mutual commitment to utilising technology in fresh food supply chains. “We couldn’t be more delighted to have the support of the Segi Fresh group,” he said. “Not only does the group bring more than 30 years of detailed expertise in fresh food retail and supply chain logistics, they also provide an onramp for companies in the Mandalay portfolio to seamlessly build markets across Malaysia and the ASEAN region.”
One of the notable companies set to benefit from this partnership is TomKat Kool Paks, a Queensland-based startup. TomKat Kool Paks has developed Near Field Communication (NFC)-enabled thermal containers designed for cold chain transportation. This technology will help Segi Fresh minimise its use of polystyrene and ice, aligning with its goal to reduce environmental impact and enhance supply chain efficiency. Kath/Tom Long, Co-founder of TomKat Kool Paks, remarked on the opportunity this partnership presents. “Our mission has always been to provide a sustainable, high-performance alternative to traditional cold chain packaging,” said Long. “By working with Segi Fresh, we’re not only reducing waste in the supply chain but also ensuring fresher, higher-quality food reaches consumers across Malaysia and beyond.”
Segi Fresh Director Mr Tan Hon Yik emphasised the investment underscores the company’s recognition of technology’s critical role in revolutionising the food industry. “With more than 100 stores across Malaysia, with plans for more than 200 stores by 2025, Segi Fresh works with the whole of the fresh produce supply chain, from growers to point of sale,” he explained. “Identifying and embedding leading technology solutions has the ability to create higher yield for our supply chain, provide efficiencies for our own operations while scouting for the latest tech globally. The Mandalay team has a track record of excellence with a deep knowledge of the ASEAN region. We are excited to work with the team across this fund and with the startups invested in.”
The bilateral food import and export relationship between Australia and Malaysia exceeded AUD $3.4 billion in 2022, reflecting a robust trade dynamic. This collaboration is expected to not only strengthen economic ties but also encourage innovation-led synergy between the two countries. Mark Gustowski highlighted the importance of this investment in fostering such cross-border cooperation and innovation. “With our mission to sustainably feed the world’s growing population, we couldn’t think of a better partner than Segi Fresh to fulfil our mission,” he commented.
Mandalay Venture Partners has established eight investments across various agrifood tech domains, including livestock, veterinary, food processing, future foods, supply chain logistics, greenhouse technology, and artificial intelligence. This partnership with Segi Fresh is poised to amplify the impact of these investments, driving innovation and sustainability in the agritech sector.
