SINGAPORE, July 12 (Korea Bizwire) – GROW, the agrifoodtech ecosystem catalyst, has partnered with Hong Kong consumer tech company AlgoGroup to support startups in the fast-growing $270 billion market for pet products and services. The first joint initiative, “POUNCE”, is an internationalization programme leveraging GROW’s expertise in scaling startups and AlgoGroup’s experience in democratizing brand building via e-commerce services, big data insights, and growth capital.
POUNCE helps startups expand into Asia remotely using Singapore as a hub. Founders receive coaching from GROW to localize supply chains, scale operations, build their global brand strategy, and finance their pan-Asia expansion. Founders also receive direct access to AlgoGroup as a go-to-market enabler, allowing them to secure early traction by opting in to services such as warehousing, product fulfillment, digital marketing, and product distribution services.
POUNCE is integrated with GROW’s Land x Launch™ program, helping founders plug into the Singapore agrifoodtech ecosystem and its network of mentors, investors, and partners. POUNCE follows similar programs that GROW has delivered in partnership with Innovate UK, Austrade, and Food Futures Company.
AlgoGroup has a track record of investing or partnering with independent consumer brands and amplifying cost, revenue, and strategic synergies. In addition to e-commerce services, startups from POUNCE will benefit from AlgoGroup’s network of 120-plus points of sale with leading retail chains in Hong Kong such as APITA, Citistore, Citysuper, GuuSan, HKTVMall, ParkNShop, UNY, and YATA. Earlier this year, AlgoGroup announced a partnership with QPets, one of Hong Kong’s largest pet retailers with around 50 points of sale.
“This partnership brings together a comprehensive end-to-end capability from strategic advice to implementation, to secure early wins in Asia through Algo’s e-commerce services and retail channels,” said Joshua Soo, CEO of GROW.
“GROW’s demonstrated track record of running accelerator programs for startups in the agrifoodtech sector makes them the perfect partner to work with us in identifying and nurturing cutting-edge product concepts,” said Chris Fung, CEO and co-founder of AlgoGroup. “We’re excited to work with Joshua and his team to grow our presence in Southeast Asia.”
Applications close 7 August 2022. Apply here if you are a tech or innovative startup in the pet sector working in novel ingredients, new processing technology, gut health, sustainable solutions, or more. For further information, visit www.gogrow.co/landxlaunch.
GROW is an ecosystem catalyst advancing innovation, sustainability, and resilience in the food system. We’re on a mission to inspire and accelerate extraordinary founders who are developing technology solutions that deliver positive impact for people, place, and planet. Through our fund and accelerator programmes we work with startups to supercharge their growth on the global stage. GROW is supported by Enterprise Singapore and backed by leading agrifoodtech VC AgFunder. www.gogrow.co
AlgoGroup is a tech-enabled consumer products company, with a strong focus on the pet sector. Algo’s mission is to create a data-driven, collaborative consumer products company by investing or partnering with independent brands, amplifying cost, revenue and strategic synergies. The company currently houses 15 brands with over 120 points of distribution and 5 wholly owned or operated E-commerce platforms. www.algogroup.io
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3646d0b-c304-406b-a0ed-298b0a4ca132
Programme Manager, GROW
Source: GROW Accelerator via GLOBE NEWSWIRE