Ata Plus - Fresh At Heart by The Fish Club

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!

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Min Target RM 803,200
Max TargetRM 1,149,580
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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

 

Food Producers

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

 

Retailers

 

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

 

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

    Low Waste

    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 Profits

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

     

    O2O

    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

    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

    Convenience

    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
    Quality

    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

    Sales since launch

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

    Customer Metrics

    Customer Metrics

     

     

    Strong Customer Reviews Correlated with high CLV

    Customer Testimonials

    Our Market Opportunity

    Total Available Market
    Serviceable Achievable Market
    Serviceable Obtainable Market

     


    Our Strategy

    Short Term:

    1. Expansion of offline channels through store expansion - opening 10 stores in the next 3 years
    2. 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
    3. 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

     

    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

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