25/12/2018 – Fresh At Heart, an online fresh food retailer in Malaysia, has raised about RM1.15 million (US$275,000) through 22 individual investors via equity crowdfunding platform Ata Plus.
Fresh At Heart was seeking funds to expand its offline presence in urban areas and boost its marketing efforts as it aims to expand nationwide.
This funding amount exceeds its initial target by 143 percent, said Ata Plus.
“This investment will help fuel our ambition to deepen our reach to users, particularly to Malaysia’s major cities where consumers do not necessarily have direct access to the freshest produce,” said Fresh At Heart’s COO Joel Chong.
“We’re used to having digital services simplify other aspects of our lives, and consumers are now turning to Fresh At Heart as their go-to solution for eating safely and healthily,” Chong added.
Founded in 2016 by Eddie Goh and Joel Chong, Fresh at Heart set out to become the go-to-source for fresh, naturally-sourced food. The platform works directly with local producers, and eliminates the whole supply chain between fresh food producers and end-consumers.
The startup provides a channel for urban consumers to receive fresh food directly from local producers. For example, users can visit Fresh at Heart online platform to buy the fresh catch of the day from Johor and have it delivered to the their doorstep or to be picked up in-store from one of its 16 locations available across Malaysia’s major cities.
Since its inception, the venture has witness steady growth in its online following to 30,000 as well as steady growth in sales, recording RM200,000 (about US$50,000) in monthly sales last quarter.
“Through our crowdfunding campaign, we are welcoming 22 new backers who can spread the word about our business and help us make strategic connections as we expand nationwide. By building a wide base of investors, we have gone beyond just acquiring capital and gained a crowd of loyal Fresh At Heart ambassadors across Malaysia and Singapore,” said Goh.
Fresh At Heart’s fully subscribed fundraising round marks the third successful ECF campaign on Ata Plus in only a week.
This news is published on Reuters.