September 22, 2024

By Gerelyn Terzo, Global AgInvesting Media

Global Mind Australia (GMAA), the venture capital division of Vietnam-based agribusiness TTC AgriS, has invested A$1.5 million (US$1.02 million) into Australian cold-brew tea producer East Forged. The deal marks an expansion for the ready-to-drink tea maker from Queensland into the Association of Southeast Asian Nations (ASEAN) markets and makes GMAA an official partner of the company.

According to a report in SmartCompany, GMAA’s capital injection represents the biggest of its kind from an external investor since East Forged’s founding in 2020. East Forged plans to direct the proceeds from the investment toward an expansion push into Asia, including Japan and South Korea, in a bid to capture robust demand for tea-based beverages in the region.

Previous funding included a $125,000 grant from the Boosting Female Founders (BFF) initiative, which is now closed for applications. The deal is a feather in the cap of Vietnam’s TTC AgriS, which is looking to expand its presence in the global food and beverage industry with a focus on the natural food processing segment. Vietnam’s agriculture export sector has been growing but also faces major challenges, owing to varying safety standards, insufficient storage infrastructure and elevated logistics expenses.

East Forged produces cold-brewed tea using a process that involves up to 12 hours of brewing time, accentuating the tea’s texture, taste and visual appeal without the addition of alcohol or sweeteners. In addition to health benefits, the company is committed to sustainability, as evidenced by its sourcing of green, black and white tea leaves from grown by local and ethical Australian and Taiwanese farmers while maintaining high standards for responsible production and sustainable supply chains.

The Trade and Investment Queensland hosted a signing ceremony for the deal at its offices in Brisbane, issuing the following statement, “We’re proud to have played a role in connecting East Forged with GMAA and TTC Agris as it expands and takes its products around the world.”

GMAA CEO Duyen Doan said, “The partnership between Global Mind Australia and East Forged brings a new ready-to-drink tea product line, proudly made in Australia, to the ASEAN region, aligning with the approach to provide nutritional value that is beneficial for consumers’ health.”

TTC AgriS Chairwoman Omi Dang stated, “Our growth strategy in Australia is deeply rooted in the agriculture and food industries, integrating cutting-edge technology with sustainable practices. To promote this, we collaborate with local businesses through joint investments and strategic agreements with small and medium-sized enterprises (SMEs) in the food and beverage sector. Thank to Trade and Investment Queensland for connecting and accompanying the International Development Strategy of TTC AgriS and GMAA in Australia to achieve the results as today.”

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