Mandalay Venture Partners secure Malaysian fresh food group Segi Fresh as a strategic investor

A strategic investment by growing Malaysian supermarket giant Segi Fresh has opened the door for innovative Australian start ups to expand into Asia.

Mandalay Venture Partners managing director Mark Gustowski.

Specialist early-stage agrifood tech venture capital firm Mandalay Venture Partners has secured Malaysian fresh food group Segi Fresh as its first strategic investor.

As part of a limited strategic partnership, Segi Fresh will invest in Mandalay’s Fund I and embed Mandalay-backed agritech innovative companies across its fresh food supply chain.

One of those companies is TomKat Kool Paks that makes a Near Field Communications enabled thermal container for cold chain transportation.

Segi will be using TomKat to reduce the company’s reliance on polystyrene and ice across its 130 supermarkets in Malaysia.

Mandalay Venture Partners managing partner Mark Gustowski said the agreement underscores a shared commitment to integrating technology within fresh food supply chains to reduce waste, optimise logistics, and increase sustainability.

“We couldn’t be more delighted to have the support of the Segi Fresh group,” he said.

“Not only does the group bring more than 30 years of detailed expertise in fresh food retail and supply chain logistics, they also provide an on ramp for companies in the Mandalay portfolio to seamlessly build markets across Malaysia and the ASEAN region.”

Mandalay Venture Partners managing director Mark Gustowski.

Given Australia and Malaysia have a strong food trade relationship -$2.1bn in Australian food exports to Malaysia in 2022 and $1.3bn from Malaysia to Australia – the partnership represents a step in strengthening cross-border innovation.

The Kelvin Grove based Mandalay started in June 2022 and as well as Segi Fresh major investors include QIC and NRMA.

It has currently closed eight investments across key agrifood tech verticals, including livestock and veterinary, food processing, future foods, supply chain logistics, greenhouse technology, and artificial intelligence in the Mandalay Fund I.

Gustowski said they are seeking to make another 12 investments in the fund to bring it up to 20.

Top performer

A Brisbane mortgage broker who moonlights as a handyman has been revealed as Queensland’s top-performing Airtasker.

Andrew Edwards came out top in the Sunshine State based on ratings and reviews from their completed tasks to recognise and reward their work.

Edwards said he was keen to step away from his computer and earn extra income to put towards his upcoming wedding.

The flowers alone were set to cost $7000 and he wanted to see how much money he could earn on Airtasker.

From rubbish removal to deliveries and furniture assemblies, Edwards made $30,000 to help pay for the big day.

Queensland's not Airtasker Andrew Edwards and wife Melanie.

Expansion mode

Intelligent Monitoring Group will pay almost $9m to acquire all of the shares in Brisbane security systems company Kobe Pty Ltd.

The acquisition through Perth-based IMG subsidiary, ADT Security Group will be by an initial tranche of $6.98m cash. The second payment of an estimated $1.92m is by way of an earn out based on KOBE’s actual EBITDA for the financial year ending June 30, 2026.

Kobe, which has an office in Morningside, is a leading supplier of advanced security systems for government, mining, industrial, retail and other commercial customers, principally in Queensland. It was established in 1999.

The company will continue to be run by its founders during the earn-out period.