Segi Fresh Partners with Mandalay Venture Partners to Integrate Agritech Innovations in ASEAN Supply Chain

Segi Fresh, a Malaysian fresh food retailer, has made an undisclosed investment in Mandalay Venture Partners’ Fund I to incorporate Australian agritech innovations into its supply chain. The Brisbane-based venture capital firm, specializing in early-stage agrifood technology, revealed that Segi Fresh is its inaugural strategic investor. This partnership aims to improve operational efficiency, sustainability, and food quality throughout the ASEAN region.

Segi Fresh will adopt Mandalay-backed agritech innovations to optimize its fresh produce sourcing and distribution as part of the collaboration. The retailer, which operates an extensive network of supermarkets and wholesale outlets, aims to strengthen its supply chain by leveraging advanced agricultural technologies from Australia.

This collaboration will reduce waste, optimize logistics, and enhance sustainability. Segi Fresh, with over 100 stores across Malaysia and plans to expand to 200 by 2025, works across the entire fresh produce supply chain, from growers to point of sale. 

Mark Gustowski, Managing Partner at Mandalay Venture Partners, highlighted that Segi Fresh’s 30 years of experience in retail and supply chain logistics provides a significant strategic edge. Additionally, the partnership offers Mandalay’s portfolio companies valuable opportunities to enter markets in Malaysia and across the ASEAN region.

One of the immediate beneficiaries of this collaboration is TomKat Kool Paks, an Australian startup developing NFC-enabled thermal containers for cold chain transportation. This sustainable packaging technology will help Segi Fresh reduce its reliance on polystyrene and ice, aligning with its environmental goals and improving supply chain efficiency. TomKat’s co-founder, Tom Long, expressed excitement about scaling their technology in the region through this partnership.

Segi Fresh Director Tan Hon Yik highlighted that adopting advanced technology solutions would drive higher yields, operational efficiencies, and sustainability across their supply chain. 

With a portfolio of eight investments spanning key areas such as livestock, food processing, supply chain logistics, and artificial intelligence, Mandalay is addressing crucial challenges in food security, sustainability, and innovation. Their aim is to support ventures that drive advancements across the agricultural and food industries, ensuring a sustainable future for the world’s expanding population.

This collaboration is expected to further strengthen Malaysia and Australia’s food trade relationship, which exceeded AUD 3.4 billion in 2022, and promote cross-border innovation.