Mandalay Venture Partners, Media Release, 19 February 2025
Mandalay Venture Partners, a specialist early-stage agrifood tech venture capital firm, is pleased to announce its first strategic investor – leading Malaysian fresh food group Segi Fresh.
As part of a limited strategic partnership, Segi Fresh will invest in Mandalay’s Fund I and embed Mandalay-backed agritech innovations across its fresh food supply chain to drive efficiencies, improve sustainability, and enhance food quality for consumers across the ASEAN region.
Mandalay Venture Partners Managing Partner Mark Gustowski said the agreement underscores a shared commitment to integrating technology within 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,” 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 companies that may immediately benefit from this collaboration is Queensland-based startup TomKat Kool Paks, which develops Near Field Communication (NFC)-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 said the partnership with Segi Fresh presents a significant opportunity to scale their technology across the region.
“Our mission has always been to provide a sustainable, high-performance alternative to traditional cold chain packaging,” Long said. “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 said the investment reflects the company’s 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 said.
The partnership aligns with Australia and Malaysia’s strong food trade relationship, with bilateral food imports and exports exceeding $AUD3.4 billion in 2022.
Mark Gustowski said 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 said.
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.
