Mandalay Venture Partners teams with Malaysia’s Segi Fresh to roll out local agtech into Asia

Early-stage agrifood technology investor Mandalay Venture Partners has secured Malaysian fresh food group Segi Fresh as its first strategic investor in a limited strategic partnership that the Brisbane-based firm says will play a role in delivering improved fresh food outcomes across the ASEAN region.

Under the agreement, Segi Fresh, which operates an integrated supply chain that sources fresh produce from farmers and distributes to customers through an extensive network of branded retail and wholesale supermarkets, will invest in Mandalay’s Fund I. The scale of the investment has not been disclosed.

In return, Mandalay-backed agritech innovations will be embedded across the Segi Fresh supply chain to drive efficiencies, improve sustainability and enhance food quality for consumers.

Segi Fresh directly owns farms in Southeast Asia, as well as China, India and Pakistan to supply its retail and wholesale network.

Mark Gustowski, the managing partner of Mandalay Venture Partners, says the agreement underscores a shared commitment to integrate technology in fresh food supply chains to reduce waste, optimise logistics and increase sustainability.

“We couldn’t be more delighted to have the support of the Segi Fresh group,” says Gustowski.

“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.”

Among the companies that could immediately benefit from the partnership is Queensland-based startup TomKat Kool Paks, which develops Near Field Communication-enabled thermal containers for cold chain transportation.

By adopting TomKat’s high-performance sustainable packaging, Segi Fresh will reduce its reliance on polystyrene and ice, supporting its mission to lower environmental impact and improve supply chain efficiency.

TomKat co-founder Tom Long says the partnership with Segi Fresh presents a significant opportunity to scale the company’s technology across the region.

“Our mission has always been to provide a sustainable, high-performance alternative to traditional cold chain packaging,” says 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 Tan Hon Yik sees its investment in Mandalay as recognition of the pivotal role technology plays in transforming 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 says.

“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.”

Mandalay Venture Partners points out that Australia and Malaysia already have a “strong food trade relationship” with bilateral food imports and exports exceeding $3.4 billion in 2022.

Gustowski says the investment not only strengthens economic ties but also fosters innovation-led collaboration between the two nations.

“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 says.

Mandalay Venture Partners has now closed eight investments across key agrifood tech verticals, including livestock and veterinary, food processing, future foods, supply chain logistics, greenhouse technology and artificial intelligence.

The venture capitalist’s portfolio includes the likes of livestock breeding startup Nbryo, affordable proteins producer Harvest B and livestock diagnostics company Agscent.