Mandalay Venture Partners has announced a significant milestone in its journey to revolutionise the agritech landscape. The venture capital firm has secured its first strategic investor, Malaysia’s prominent supermarket chain, Segi Fresh. This partnership marks a pivotal moment for both entities, as it embeds Australian agricultural technology into Malaysia’s fresh food supply chains for the first time.
Segi Fresh’s investment in Mandalay’s Fund I will facilitate the integration of various agritech solutions within its operations. This collaboration is set to drive efficiency, improve sustainability, and elevate food quality for consumers throughout the ASEAN region. The partnership is a testament to the mutual commitment of both companies to leverage technology in fresh food supply chains, aiming to reduce waste, optimise logistics, and boost sustainability.
Mark Gustowski, Managing Partner of Mandalay Venture Partners, expressed his enthusiasm about the collaboration. “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 beneficiaries of this partnership is TomKat Kool Paks, a Queensland-based startup. The company 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 environmental goals and enhancing supply chain efficiency. Kath/Tom Long, Co-founder of TomKat Kool Paks, highlighted the significance of this collaboration. “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 strategic partnership with Segi Fresh is poised to amplify these efforts, driving innovation and sustainability in the agritech sector.
