Malaysia's Fruiti King Raises US$1.19 Million Fund Via CrowdPlus.Asia

KUALA LUMPUR, Nov 2 (Bernama) -- Malaysia's ice cream startup, Fruiti King has successfully raised US$1.19 million (RM5 million) via CrowdPlus.asia, ASEAN's first equity crowdfunding platform licensed by the Securities Commission Malaysia. In a statement, CrowdPlus.asia said Fruiti King would utilise the fund for overseas expansion in markets that have shown a keen interest in importing and distributing its products, including China, Hong Kong, Singapore and Korea. This is the second round of funding for the local ice cream company after it raised US$357,438 (RM1.5 million) earlier this year from Netrove Ventures Group, a regional venture capital firm. Fruiti King Founder, Gideon Leong, said the company had a regional sales pipeline of up to US$1.54 million (RM6.5 million) for the 2017 fiscal year. "The fund raised via Crowdplus.asia will assist us in meeting this business-to-business demand and accelerate our plan in setting up our first flagship store in the second half of 2017," he added. Fruiti King is now busy revamping its production facility so that its capacity will be enhanced with a fully automated production line. --BERNAMA