Singapore-based digital B2B food and agritech company Glife Technologies has closed its Series A funding round at $11 million, the company announced on Nov 16.
The round was led by Heliconia Capital, a wholly-owned investment subsidiary of Temasek Holdings.
The funding round was joined by the Hibiscus Fund, a venture capital fund managed by Malaysia’s RHL Ventures and South Korea’s KB Investment, as part of the Dana Penjana Nasional (DPN) Programme by the Malaysian Government.
Glife previously raised a seed funding round of $3 million, led by Global Founders Capital. This brings Glife’s total funding up to $14 million.
Established in 2018, Glife serves more than 1,000 farmers and over 900 merchants across the region. As a vertically integrated food service solution provider, Glife expanded its services in 2021 by providing the full stack of restaurant digital technologies for merchants in the HORECA (hotels, restaurants and catering) industry.
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From seed-to-table supply chain distribution to driving the adoption of digital solutions for restaurants, Glife aims to connect stakeholders across the food value chain on a single platform to strengthen the ecosystem.
Glife also announced a partnership with Novitee, a F&B food services technology platform assisting both F&B merchants and suppliers. The company’s solutions include point of sale (POS), QR ordering, payments, purchasing, inventory, central kitchen and supply chain management software. Novitee is currently serving over 1,000 F&B outlets and has customers in Southeast Asia and China.
Glife plans to launch in Malaysia and Indonesia in 1Q2022.
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The Glife team with co-founder and CEO Justin Chou (bottom right)
Co-founder and CEO of Glife, Justin Chou, says: “We are extremely grateful for the support of our investors for this round of funding. At Glife, we recognise a long and fragmented supply chain between farmers and merchants and a lack of visibility and alignment between supply and demand.”
“The Series A funds will allow us to improve our tech enabled supply chain distribution model and work closely with Novitee to create an efficient and effective solution for the ecosystem, enabling us to move one step closer to feeding the entire Southeast Asia region sustainably,” adds Chou.
Chou is also the co-founder of Green Dot, a local plant-based restaurant chain, and executive director of Growthwell Foods, an alternative protein start-up.
Derek Lau, CEO of Heliconia Capital, says: “The digitalisation trend, as well as agrifood supply chain and labour challenges, will continue to put innovative companies like Glife in a unique position to serve its customers. We hope to support Glife in its efforts to expand across the region.”