Fresh At Heart reels in US$274,805 in six weeks on Ata Plus
By Digital News Asia December 25, 2018
- Overshoots funding target by 143%; funds from 22 individual investors
- Aims to expand its offline presence in urban areas, boost marketing efforts
FRESH At Heart, a Pontian-based online fresh food retailer, has successfully secured US$274,805 (RM1,149,580) from 22 individual investors through its equity crowdfunding (ECF) round on Ata Plus, overshooting their target by 143%.
The company was seeking funds to expand its offline presence in urban areas and increase marketing efforts as they set out to expand nationwide, and saw equity crowdfunding - which allows businesses to raise funds from the public in return for equity in the company - as a way to successfully achieve this.
“This investment will help fuel our ambition to deepen our reach to users, particularly to Malaysia’s major cities where consumers do not necessarily have direct access to the freshest produce,” said Fresh At Heart chief operating officer and co-founder Joel Chong.
“We’re used to having digital services simplify other aspects of our lives, and consumers are now turning to Fresh At Heart as their go-to solution for eating safely and healthily,” Chong added.
Founded in 2016 by Eddie Goh and Joel Chong, Fresh At Heart aims to become the go-to stop for fresh, naturally-sourced food. By eliminating the supply chain between fresh food producers and end-consumers and working directly with local producers, Fresh At Heart provides a channel for urban consumers to receive fresh food direct from the producers.
Their online store offers, amongst a variety of fresh food items, the fresh catch of the day from the Johor coastal district - cleaned and delivered to the customer’s doorstep or to be picked up in-store from their 16 locations across Malaysia’s major cities.
Since launching in 2016, Fresh At Heart has grown its online following to 30,000 and has seen steady growth in sales, hitting RM200,000 in monthly sales last quarter.
“Through our crowdfunding campaign, we are welcoming 22 new backers who can spread the word about our business and help us make strategic connections as we expand nationwide. By building a wide base of investors, we have gone beyond just acquiring capital and gained a crowd of loyal Fresh At Heart ambassadors across Malaysia and Singapore,” said Fresh At Heart chief executive officer and co-founder Eddie Goh.
Fresh At Heart’s fully subscribed fundraising round marks the third successful ECF campaign on Ata Plus’ platform in one week.
"Following successful funding rounds by VendPays and MedPlanner, we’re delighted to facilitate a fruitful crowdfunding campaign for Fresh At Heart. The fresh food industry is about to see exponential growth as the new funding takes Fresh At Heart through the next stage of its development," Elain Lockman, co-founder and director of Ata Plus, said in a statement.