Agritech startup Fefifo closes ECF campaign with staggering 1,031% of initial funding
By Digital News Asia November 26, 2020
- Raised US$756,590 through Ata Plus, with 53 investors, seeking help
- Existing funds go towards expanding operations, build DDFN tech, maintenance
Co-farming company Fefifo Malaysia Sdn Bhd (Fefifo) just closed its Equity Crowdfunding (ECF) campaign this week with a resounding bang. The company achieved US$756,590 (RM3,092,242) in ECF funding, which is 1,031% of its initial funding target.
The fundraising campaign, held on ECF platform Ata Plus, was participated by 53 investors, 49% of which were non-Malaysians. Over US$146,810 (RM600,000) was raised from a single foreign investor.
Fefifo, described as a “technology-first co-farming company”, focuses on empowering the new generation of farmers in ASEAN by providing traditional smallholder farmers and young agriculture graduates with ready-to-farm spaces and technologies to kickstart a modern farming business.
These hassle-free spaces, available at a fee, comes with Fefifo’s proprietary Digital Distributed Farms Network (DDFN) technology. This, combined with their standardised operating procedures (SOPs), digitalises the entire seed-to-sale process while maximising operations and yield through pre-curated crop portfolios, farm financial governance, and community knowledge and support.
“We are thankful to all our ECF investors who share Fefifo’s vision to make sustainable, profitable smallholder farming commonplace throughout Southeast Asia,” says Fefifo co-founder and chief executive officer (CEO) Kelveen Soh.
“Closing the ECF round above RM3 million proves that Fefifo empowering farmers and young agri-graduates to easily start digitalised farming in co-farms, is essential to the future of sustainable food systems despite the current Covid-19 challenges and nationwide lockdown,” he adds.
“This achievement means that we are now even more able to award access and advantage to all smallholders and aspiring farmers throughout the region.”
The newly-raised funds will be used to develop ongoing Fefifo operational facilities, build its DDFN technology, facilitate lowland preparation, maintain its greenhouse facilities, as well as improve on its crop system and ability to offer pre-harvest financial support.
“Fefifo has certainly given life to the term ‘agropreneurs’. This ’business-supporting-business’ empowerment is really what it’s all about. We are so proud and glad that Fefifo took to our ECF platform to fully maximise its potential as a valued business. It is just fantastic to see how companies leverage on ECF platforms to scale their business objectives, which in turn, produces greater possibilities and opportunities for their target markets at large,” says Ata Plus co-founder and director Kyri Andreou.
“This is a great example of a compelling business tackling real-world problems, and then teaming up with the right people to generate a winning formula consisting of an excellent business plan, an attractive investment proposition, well-thought-out fundraising strategies and comprehensive solutions for content, marketing and promotional activities. This collective synergy is the true reason for Fefifo’s thriving ECF outcome.”
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