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Fresh At Heart by The Fish Club

Fresh At Heart is an online-to-offline fresh food retail sales platform. We buy directly from the fresh food producers - primarily seafood from farms and fishermen - and deliver right to your doorstep!

RM 953,800 raised

119% of target	1 month 2 weeks left
Investors	20
Min Target	RM 803,200
Max Target	RM 1,149,580

Introduction

Our mission at Fresh At Heart is to encourage and enable fresh food producers to produce the cleanest, safest and highest quality food, and to give consumers peace of mind when it comes to their fresh food supply.

Fresh At Heart enables discerning consumers in the cities to purchase fresh food produce that meet their demand for quality, safety and transparency. At the same time, we provide access to market for producers of quality conscious food and help them to distinguish their produce from other suppliers.

Consumers are increasingly becoming aware of the importance of healthy, safe and natural sources of fresh food as a key pillar of good health. A gap now exists in the fresh food market to supply this demand. This trend in food consciousness is gaining mainstream attention and will take off as awareness will only increase.

What We Do

The Challenge

There are market inefficiencies that take place between the supply and demand in the fresh food space. Consumers find it hard to find credible fresh food retailers whom they can trust. At the same time, fresh food producers also face other obstacles such as building and improving their own brand, receiving a sustainable income for their produces receiving feedback and having reliable analytics of the demand.

Food Producers

Price Takers with no real bargaining power
Limited rooms for branding & pricing
No efficient feedback mechanism from end consumers

Middlemen, Distributors, Retailers

Inefficient, but usually price-setter, with gross-margin > 50%
Manual & long supply chains (3 to 5 parties along the supply chains) lead to high costs
Unable to plan efficiently leads to high wastage or low quality (multiple freezing / usage of preservatives)
Provides no transparency

Consumers

No trusted & prominent channels for locally produced fresh food
Often overpay for limited value in return
No transparency on the traceability of the food purchased

Our Solution

Fresh At Heart by The Fish Club buys directly from the source, manages the in-house processing, vacuum-packs and delivers the fresh food directly to our consumers’ doorstep. Alternatively, the customers can also pick up the goods from our collection points.

Why Are We Different

Benefits to Businesses/Industry

Less Wastage. We work with less wastage due to the shorter supply chain. Traditional food waste begins the moment it goes onshore. produce are damaged through multiple supply chain all the way to throwing unsold produce in malls.

Higher Margins. We work hard such that our farmers and fishermen make more money with fewer transactions involved.

Efficiency with O2O. Our store efficiency is higher through the O2O model. 4x more sales per square feet vs. industry competitor. Hybrid online/offline sales saves time in purchase & product management. Our offline stores operate as a warehouse, fulfilment center & a retail outlet, decreasing our logistic cost and maintaining our products quality. Each store functions as a fresh product proximity port for consumers & enterprise management.

Data Collection. Data is at the core of our business. Our price management and inventory are managed through proprietary technology. Targeted marketing campaign with consistent data captured.

Benefits to Consumers

True Convenience

Our process of cleaning and packing our goods while they are fresh, allows customers to buy in bulk now and cook later
Customers have the option of buying online or offline, through self-collect or courier
We offer a variety of products, from seafood to poultry, organic, imported and more
Hygienically packed to minimise smell

Guaranteed Quality

We buy directly from the source
Our inhouse process – we clean, vacuum pack & blast chill the goods while they are fresh
Shortening the supply chain prevents multiple attempts of preserving or freezing/chilling the produce, which leads to loss of texture, nutrients, color & flavor
Blast chilling, as opposed to common freezing, does not rupture cells of food, preserving its fresh taste, increasing shelf life from 6 months to 2-3 years.

Our Traction

Quarterly Sales

We are looking at RM200,000 per month average - growing to RM1,000,000 per month in 2019.

Customer Metrics

Strong Customer Reviews Correlated with high CLV

Our Market Opportunity

Our Strategy

Short Term:

Expansion of offline channels through store expansion - opening 10 stores in the next 3 years
Triple the CLV from RM 1,200 to RM 3,600 by expanding our product range beyond seafood to gain a larger share of the market
Improvement in unit economics (for e.g. decrease the unit delivery costs by up to 5 percentage point)

Long Term:

To become the leader in fresh food trading including both wholesale and retail, enabled by leading technology

Sales Forecast

Avg. store setup cost	RM300,000
Avg. store monthly sales revenue	RM200,000
Avg. store online monthly sales revenue	RM300,000
Currently 1 warehouse average monthly revenue	RM200,000

Usage of Funds

Use of Funds

Category	RM (in mil)
Marketing	0.35
Physical Store Setup	1.00
Technology	0.10
Working Capital	0.20
Est. Profits	(0.66)
Total Costs	1.00

The Team

Eddie Goh

Co-Founder & Chief Executive Officer

You know, back at your high school, there would always be this guy who supplied all sorts of cool toys, stationeries? That’s Eddie for us. He didn’t stop back then. In fact, he went on to be the top electronics seller on Lowyat.net in 2013. After a few years working in China as a project engineer, he decided to pursue his passion for e-commerce and founded Fresh At Heart.

Joel Chong

Co-Founder & Chief Operating Officer

We always thought Joel was that typical smarty-pants (MEng from Cambridge with full BNM Kijang Emas Scholarship). He went on and joined Affin-Hwang Asset Management and became the top performing equity analyst. We were all shocked(!) when he told us that he wanted to leave the finance industry to go into organic farming, with direct hands-on farming experiences for organic vegetables & poultry. His reason? Our fresh food industry needs more help to bring better food to your kitchen table. With that, he decided to co-found Fresh At Heart

Ang Xing Xian

Investor & Advisor

Grew up in a stilt house by the Pontian river with his favorite pastime being a fishmonger as a kid. After graduating from Oxford on full-scholarship, XX jumped to the dark-side (private equity, management consulting) before subsequently going back to his passion for entrepreneurship. XX brings to Fresh At Heart the structure to help the team grow in a scalable manner, fast.

Ian Chua

Investor & Advisor

Co-Founder of Hermo, Malaysia leading beauty e-commerce site, which was later invested in by Gobi then sold to Tokyo-listed Istyle in 2017.

Chun Dong Chau

Investor & Advisor

Chief Scientist & co-founder of ADVANCE.AI Partner & Head of Research of Crystal Horse Investments Recently raised USD50m series B+ Clients include Axiata Group, Go-Jek & Weshare

Tan Swee Yeong

Advisor

Invested and exited multiple businesses such as UnrealMind, Ocision (Propwall, iBilik, CarSifu) and Hermo.

Term Sheet

Issuer: Sea To Table Sdn Bhd, a private limited company incorporated in Malaysia, a private limited company incorporated in Malaysia

Type of Equity: Ordinary Shares (“Shares”)

Valuation: RM 5,516,980

Minimum Fundraising Target: RM 803,200

Maximum Offering Size: RM 1,149,580

Price per Shares: RM 502.00

Minimum Equity Offered: 12.71%

Maximum Equity Offered: 17.24%

Minimum Shares Offered: 1600

Maximum Shares Offered: 2290

Number of shares per block: 20 shares

Minimum block per Investment: 1 block

Minimum Investment Amount: RM 10,040

Rewards: N/A

Impact on Shareholding Structure Upon Completion of the Offering: Call Options

Upon completion and successful fundraising, and within the Closing Period - Sea To Table Sdn Bhd shall be be issuing shares to Midana Management Sdn Bhd via Private Placement, resulting in a dilution of shareholdings for ECF Investors. By investing in this campaign - the ECF Investors therefore declares that they have understood and agreed to all terms and conditions outlined in the Investment Agreement and Shareholder's & Subscription Agreement.

The Issuer shall have the right to call the shares (Call Options) to purchase from the ECF Investors and Midana Management Sdn Bhd, up to 50% of the new shares issued in this exercise, based on the valuation on the latest financing round or the following formula, whichever is higher.

The Call Options shall be applicable to all subsequent holders of the shares, should the shares are sold to any other third party during the exercise period.

The exercise period commences from the beginning of year 3 and expired on the end year 7. The exercise price shall be:

Y = X + 10% * Z

where;
X = exercise price in the current round
Z = number of year in full since the date the ECF campaign is concluded.

Please refer to Fresh At Heart's CAP Table under 'Downloads' tab for further information.

Investor Eligibility: Retail, Angel, Sophisticated, and/or Institutional Investors, subject to the applicable investment limits prescribed under the Securities Commission’s Guidelines on Recognised Markets.

Information: Issuer to provide additional information upon request.

Closing Period: 14 working days after the end of the Fundraising Period.

Use of Proceeds: The proceeds are intended to be used for marketing, technology, physical store setups and working capital. The funds will be transferred to the Issuer by the end of the Closing Date.

Subscription Procedure: An Investment Agreement to subscribe ordinary shares and subject to review if required or necessary, the procedure may be amended by the Issuer and the ECF Platform.

Disclaimer: The information, calculations and remarks expressed on this term sheet or on any other part of the platform are based on information provided, disclosed and presented by Sea To Table Sdn Bhd to Ata Plus Sdn Bhd, either in part or in whole. Ata Plus disclaims responsibility for the accuracy, completeness and/or validity of these information, and hence will not be held liable for any inaccurate, inappropriate or incomplete information presented on this term sheet or on any other part of the platform subject to the following :

The financial information listed on the deal page is provided by the Issuer; which includes the financial forecasts and projections, the capitalization table, the term sheet, and management accounts.

The financial forecasts and projections have been prepared by the issuer based on assumptions that have not been reviewed and certified by an independent certified accountant for its reasonableness.

THE ISSUER agrees that; all information concerning the product, business and the assets of THE ISSUER that have been furnished to Ata Plus Sdn Bhd for the purpose of the equity crowdfunding campaign is true, complete, and accurate in all material respect and is not misleading or deceptive whether by inclusion or omission.

Should the Investor require more information, they can do so by contacting Sea-To-Table Sdn Bhd directly at [email protected] by clicking on the ‘CONTACT’ button on the Deals Page.

Issuer	Sea To Table Sdn Bhd, a private limited company incorporated in Malaysia
Type of Equity	Ordinary Shares (“Shares”)
Valuation	RM 5,516,980
Minimum Fundraising Target	RM 803,200
Maximum Offering Size	RM 1,149,580
Price per Shares	RM 502.00
Minimum Equity Offered	12.71%
Maximum Equity Offered	17.24%
Minimum Shares Offered	1600
Maximum Shares Offered	2290
Number of shares per block	20 shares
Minimum block per Investment	1 block
Minimum Investment Amount	RM 10,040
Rewards	N/A
Impact on Shareholding Structure Upon Completion of the Offering	Call Options Upon completion and successful fundraising, and within the Closing Period - Sea To Table Sdn Bhd shall be be issuing shares to Midana Management Sdn Bhd via Private Placement, resulting in a dilution of shareholdings for ECF Investors. By investing in this campaign - the ECF Investors therefore declares that they have understood and agreed to all terms and conditions outlined in the Investment Agreement and Shareholder's & Subscription Agreement. The Issuer shall have the right to call the shares (Call Options) to purchase from the ECF Investors and Midana Management Sdn Bhd, up to 50% of the new shares issued in this exercise, based on the valuation on the latest financing round or the following formula, whichever is higher. The Call Options shall be applicable to all subsequent holders of the shares, should the shares are sold to any other third party during the exercise period. The exercise period commences from the beginning of year 3 and expired on the end year 7. The exercise price shall be: *Y = X + 10% Z where; X = exercise price in the current round Z = number of year in full since the date the ECF campaign is concluded. Please refer to Fresh At Heart's CAP Table under 'Downloads' tab for further information.**
Investor Eligibility	Retail, Angel, Sophisticated, and/or Institutional Investors, subject to the applicable investment limits prescribed under the Securities Commission’s Guidelines on Recognised Markets.
Information	Issuer to provide additional information upon request.
Information	N/A
Closing Period	14 working days after the end of the Fundraising Period.
Use of Proceeds	The proceeds are intended to be used for marketing, technology, physical store setups and working capital. The funds will be transferred to the Issuer by the end of the Closing Date.
Subscription Procedure	An Investment Agreement to subscribe ordinary shares and subject to review if required or necessary, the procedure may be amended by the Issuer and the ECF Platform.
Disclaimer	The information, calculations and remarks expressed on this term sheet or on any other part of the platform are based on information provided, disclosed and presented by Sea To Table Sdn Bhd to Ata Plus Sdn Bhd, either in part or in whole. Ata Plus disclaims responsibility for the accuracy, completeness and/or validity of these information, and hence will not be held liable for any inaccurate, inappropriate or incomplete information presented on this term sheet or on any other part of the platform subject to the following : The financial information listed on the deal page is provided by the Issuer; which includes the financial forecasts and projections, the capitalization table, the term sheet, and management accounts. The financial forecasts and projections have been prepared by the issuer based on assumptions that have not been reviewed and certified by an independent certified accountant for its reasonableness. THE ISSUER agrees that; all information concerning the product, business and the assets of THE ISSUER that have been furnished to Ata Plus Sdn Bhd for the purpose of the equity crowdfunding campaign is true, complete, and accurate in all material respect and is not misleading or deceptive whether by inclusion or omission. Should the Investor require more information, they can do so by contacting Sea-To-Table Sdn Bhd directly at [email protected] by clicking on the ‘CONTACT’ button on the Deals Page.

Risk Disclaimer

Investing in equity crowdfunding involves certain risks that include uncertainty of returns, lack of liquidity, dilution, material events and lack of control. Investments should be done as part of a diversiﬁed portfolio. ATA PLUS offers investment opportunities to investors who understands these risks in making their own investment decisions.

PLEASE READ THE FULL RISK WARNING BEFORE DECIDING TO INVEST.

This page is approved as a ﬁnancial promotion by ATA PLUS Sdn. Bhd., which is authorized and regulated by the Security Commission of Malaysia. Deals that are up for investment are only offered to members of ata-plus.com on the basis of information provided by the companies concerned. ATA PLUS takes no responsibility for this information or for any recommendations or opinions made by the companies. For further information on this, please read our Term of Use.

Fresh At Heart by The Fish Club

Introduction

What We Do

The Challenge

Our Solution

Why Are We Different

Our Traction

Our Market Opportunity

Our Strategy

Usage of Funds

The Team

Eddie Goh

Co-Founder & Chief Executive Officer

Joel Chong

Co-Founder & Chief Operating Officer

Ang Xing Xian

Investor & Advisor

Ian Chua

Investor & Advisor

Chun Dong Chau

Investor & Advisor

Tan Swee Yeong

Advisor

Term Sheet

Risk Disclaimer

Investor Details

Investor Agreement

Schedule 1

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