Glife Technologies, a Singapore-based B2B food and agritech business, has raised S$11 million (US $8.1 million) in a Series A fundraising round led by Heliconia Capital, a Temasek Holdings wholly-owned subsidiary.
The Hibiscus Firm, a venture capital fund run by Malaysia’s RHL Ventures and South Korea’s KB Investment, participated in the investment round as part of the Malaysian government’s Dana Penjana Nasional (DPN) Program.
Glife has previously obtained a seed fundraising round headed by Global Founders Capital for S$3 million (US $2.2 million), increasing the company’s total funding to up to S$14 million (US $10.3 million).
Glife also announced that it has invested an unknown sum in omnichannel F&B tech solutions provider Novitee, in addition to the capital round.
In a press statement, Glife said that the partnership will “amalgamate Novitee’s tech expertise within the F&B industry with Glife’s strong network of farmers and merchants to evolve the company into a symbiotic data-driven powerhouse and enhance its offerings as an end-to-end service provider for the ecosystem.”
In the first quarter of 2022, the corporation is expected to expand into Malaysia and Indonesia. It also intended to expand its tech staff and invest in developing AI and big data analytics technologies for restaurant management.
Glife, which was founded in 2018, connects farmers in the region with F&B enterprises through its full-stack restaurant solutions. It promised to provide services to over 1,000 farms and 900 retailers.
With the solutions, the business hopes to contribute to the region’s food industry’s long-term growth.
“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,” said Glife Co-Founder and CEO Justin Chou.
