Fefifo secures RM3.09 mln through ECF

KUALA LUMPUR: Technologyfirst, co-farming company Fefifo Malaysia Sdn Bhd (Fefifo) has secured RM3.09 million from the closing of its equity crowdfunding (ECF) campaign.

In a statement yesterday, it said the amount was 1,031 per cent of its initial funding target, with 53 investors, of which 49 per cent were non-Malaysians.

“Over RM600,000 was raised from a single, foreign investor on the Ata Plus platform; an ECF company registered with the Securities Commission Malaysia,” it said in a statement yesterday.

It added that the company aims to empower the support system for modern agriculture and sustainable food systems to pave the way for B40 smallholders and young unemployed agrigraduates to partake in a novel business model that gives them an encouraging li above the income pyramid.

“Not only can farmers now enjoy hassle-free, ready-to-farm spaces that are available at a fee and manageable from their fingertips, Fefifo’s proprietary ‘ Digital Distributed Farms Network’ ( DDFN) technology also awards capabilities and convenience of a completely digitalised ‘seed-to- sale’ process,” it said.

The raised funds will be used to develop ongoing 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. — Bernama