Singapore-based Glife Technologies, which helps food and beverage businesses buy fresh produce directly from farmers, has raised $8.12 million (S$11 million) in a Series A round led by Temasek’s Heliconia Capital.
Hibiscus Fund, a venture capital fund managed by Malaysia’s RHL Ventures and South Korea’s KB Investment, joined the round.
Founded in 2018 by Justin Chou, who is also the executive director of plant-based food supplier Growthwell and co-founder of vegetarian food chain Greendot, Glife runs an app and website that allows food and beverage businesses to buy, manage, and track their orders.
Glife will use the fresh funds to expand its business into Malaysia and Indonesia at the start of next year, acquire more merchants and farmers. The startup claims to work with over 1,000 farmers and 900 merchants currently.
Glife last raised a seed round in 2019 led by Global Founders Capital and pre-seed in 2018 from Quest Ventures.
The latest round brings the startup’s total funding to $10.34 million (S$14 million).
“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,” said Chou.
“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,” said Derek Lau, the chief executive of Heliconia Capital.
Glife’s investment comes a week after Treedots, a startup that helps food distributors and wholesalers sell their excess inventory to food and beverage businesses, raised $11 million in a Series A round co-led by venture capital firms Amasia and East Ventures’ growth fund.
In September, Growthwell raised $22 million in a Series A round led by French private equity firm Creadev with participation from others including existing investor Temasek.