Gfresh Secures US$20 Million From Riverhill Fund And Legend Capital To Import Seafood In China

Gfresh raises US$20 Million for importing seafood into China

After Australian dairy and Maine Lobsters, China’s appetite for foreign food will likely take a turn to seafood as Chinese investors, Alibaba’s investment arm – Riverhill Fund and PC maker Lenovo Group’s investment arm – Legend Capital has placed US$20 million funds into Gfresh, an online seafood e-commerce website for trading and selling seafood to buyers in China.

The company founded in 2014, offers logistics and final delivery services for seafood from providers in Australia, New Zealand, North America, Europe and Southeast Asia. To date, the distribution of Gfresh’s online marketplace can reach Beijing, Shanghai, Guangzhou and Chongqing.

The announcement was made today at the China Fisheries and Seafood Expo in Qingdao, China at a special conference which is limited to industry players and trade media. Additionally, it is also revealed that Alibaba’s Simon Xie, one of the most important co-founders of the Chinese e-commerce company will become a director at Gfresh.

With this funds, Gfresh can further pursue their goal to expand their market and become the leader in the online business-to-business marketplace for global seafood. The company plans to embark on a cooperative relationship with You Shi Guan Jia, an online-to-offline distribution business that was similarly invested by Legend Capital.

Besides, the seafood e-commerce platform has also plan to use the funds to pursue product initiatives for its online seafood marketplace, expand them to new markets and upgrade its logistics supply chain service. In its recent advocate, Gfresh has recently committed to an agreement with Tmall and He Ma fresh produce, to improve supply channels.

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By Vivian Foo, Unicorn Media

Malaysian Fruiti King Raises MYR 5 Million In Funds Via

Fruiti King raises RM 5 million via crowdfunding

Fruiti King, a natural and nutritional fruity icy treat was able to raise MYR 5 million in, ASEAN’s first Equity Crowdfunding Platform licensed by Securities Malaysia. The amount is roughly translated to US$1.19 million.

This is the second round of funding for the local fruit icy treats company after it has raised MYR 1.5 million (approximately US$ 357,250) earlier in 2016 from Netrove Ventures Group, a regional venture capital firm.

“The local ice cream hero will utilize this fund for its overseas expansion in markets that have shown a keen interest in importing and distributing its products, including China, Hong Kong, Singapore, Korea and more.” Bryan Chung, the COO of said in a statement yesterday.

The story goes, as the startup was founded when Gideon Leong tasted a popsicle made in Ipoh. Surprised by the popsicle’s fruity flavor and unique texture, Gideon decided to bring the product to the market that holds no competition.

Mr. Cool popsicles were launched. And since then, the product has been well-received and even further enhanced with the growing health-conscious consumer behavior which brought endless potential to the product.

Fruiti King, on the other hand, was the brainchild created when Gideon met Mr. Teh Kim Seng, the Chairman of Netrove Ventures Group. It was a decision to move the business forward and unlike Mr. Cool who focused on selling popsicles to the mass market Fruiti King was going to tackle the gelato and ice-cream market.

Even its name bore its intended meaning, as “Fruiti” with an Italian flare denotes the emphasis on fruit as a key ingredient in their products and “King” is used to describe the taste of their products as being the pinnacle of its class.

To do so, the company makes its ice cream utilizing the special fruit preservation technique used in their popsicles that will retain the original taste, texture and nutritional value of the fruit in its icy form. To date, the flavors available are Jackfruit, Mango, and Durian which includes Musang King and D24.

Following the funding, Gideon Leong commented saying that “It was indeed a pleasant surprise as I didn’t expect to raise this amount through crowdfunding but I am glad that I did this. The team is thankful for the vote of confidence in our startup by the crowd.”

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By Vivian Foo, Unicorn Media