Malaysia-based fruit-based ice cream firm Fruiti King has raised about $1.19 million (MYR5 million) through equity crowdfunding platform CrowdPlus.asia and will use the money for overseas expansion.
“The local ice cream hero will utilise 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,” the crowdfunding platform said in a statement.
This is the second round of funding for the local fruity icy treats company after it raised $357,250 (MYR1.5 million) earlier this year from Netrove Ventures Group, a regional venture capital firm.
Fruiti King is now busy revamping its production facility so that capacity is enhanced with a fully automated line.
The company decided to choose the CrowdPlus.asia platform, also backed by Netrove Ventures Group, when it realised that a stronger balance sheet would help accelerate its regional go-to-market plan.
“We have a regional sales pipeline of up to $1.54 million (MYR6.5 million) for fiscal year 2017, and the funding raised via Crowdplus.asia will definitely assist us in meeting this B2B demand and accelerate our plan to set up our first flagship store in the second half of year 2017,” said Gideon Leong, the founder of the company.
The company makes ice cream popsicles using a special fruit preservation technique that maintains the original taste, texture and nutritional value of the fruit in its icy form.
“When we met Gideon at the Secretariat for Advancement of Malaysian Entrepreneurs’(SAME) pitching event, we knew he had a product with the potential to scale in a big way but needed the right partner and platform to perform the curation and thereafter, gain quicker access to overseas markets,” said Crowdplus.asia COO Bryan Chung.
Source: http://www.dealstreetasia.com/stories/malaysias-fruiti-king-raises-1-19-million-for-overseas-expansion-via-crowdfunding-56678/, 28 Oct 2016