SINGAPORE, 22 March 2022 – Following a successful Series A fundraise in November 2021, Singapore-headquartered food and agritech company Glife Technologies (“Glife”) today announced that it has acquired a controlling stake in PanenID, a Bali-based farm-to-table startup that directly connects hotels and restaurants to farmers, and Yolek, an HORECA distributor with over 30 years of experience in plant-based distribution and retail. Both acquisitions are part of the company’s plans to expand into Indonesia and Malaysia.
The strategic investment into the two companies signals Glife’s intention to move to the next stage of its growth plan – expansion into key neighbouring markets. By virtue of its strategic investment, Glife will be the single largest shareholder at PanenID and Yolek.
Glife’s main mission remains to revolutionize the agricultural food chain by increasing efficiency in its processes through technological adoptions that aim to bridge the gap between farmers, suppliers and sellers.
“Both Indonesia and Malaysia are vibrant communities within the food and agriculture space. We recognize the immense potential for us to tap on given the large agriculture market,” said Caleb Wu, Co-Founder and Deputy CEO of Glife Technologies. “The strategic partnership will allow us to bring the best of Glife’s technological solutions beyond Singapore’s borders and we are extremely excited to connect with more farmers and restaurants within the region. PanenID and Yolek are valuable partners in this journey as we tap onto their local domain knowledge to bridge the gaps within the food value chain and strengthen our regional network.”
The partnership will see the implementation of GlifeWare, Glife’s proprietary food and beverage Enterprise Resource Planning (ERP) solution within PanenID and Yolek. Developed in-house by Glife, the ERP solution specifically aims to improve end-to-end services across the food supply chain including Order Management & Process, Warehouse Management System, and Transport Management System. The successful implementation of GlifeWare at PanenID and Yolek is expected to improve the operational efficiency by 30% – 50%, measured by its operational capacity and fulfillment rate.
“We are excited to join the team at Glife and welcome the opportunities brought forth by this strategic partnership. They understand the needs of the food supply chain industry and have aimed to bridge the gaps across it.” said Johannes Dwi Cahyo, CEO of PanenID “With Glife’s robust technology platform, we are excited to see how it will significantly improve the operational efficiency for PanenID to meet the food produce and ingredient requirements of hotels and restaurants.”
“Glife’s innovative and proprietary software combined with our local experience and knowledge as a HORECA distributor of more than 30 years in the space of plant-based food distribution and retail, has created a solid foundation on which to grow this partnership.” said Desmond Tan, Director of Yolek. “We are very excited about the growth opportunities for Yolek that will stem from the adoption of digitised solutions within this paper-and-pen industry.”
The execution of its expansion plans put Glife in good stead to continue its growth path as the company continues its expansion plans within the Southeast Asian region and concurrently move towards its Series B fundraising round slated to take place in the second half of 2022.
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