Digital News Asia
Fefifo, a Singapore founded Agtech startup with operations in Malaysia, has closed a total of more than US$3.1 million (RM12.9 million) in early-stage funding to empower smallholder farmers and agriculture graduates to kickstart their own modern commercial farming businesses easily, starting in Malaysia. The most recent venture capital backers are Malaysia’s RHL Ventures and Korea’s KB Investment, the appointed co-investment partners for Malaysia’s Dana Penjana Nasional by Penjana Kapital under the economic recovery plan. Both parties are lead investors.
“Agriculture is the major employer in most Southeast Asian countries, that is currently experiencing a sharp decline in both farm productivity and rural incomes, further pressuring the region’s food security challenges compounded by the pandemic,” says Jeffrey Seah, Partner at Quest Ventures. “Fefifo is a much needed solution that supports smallholders to easily start farms in a profitable and sustainable way, directly addressing food security in a few ways – significantly improving the efficacy of smallholder farming, attracting the youth to farming and uplifting the livelihoods of traditional smallholder farmers.”