Fyffes freeze internet investment

- Last updated on GMT

Related tags: Financial times

Fyffes, Europe's second-biggest banana importer, announced on
Thursday that it would freeze investmentin WorldofFruit.com - a
web-based exchange for...

Fyffes, Europe's second-biggest banana importer, announced on Thursday that it would freeze investmentin WorldofFruit.com - a web-based exchange for freshproduce, the Financial Times reports. The company said it needed to raise up to E100m ($94m) over the next few years to develop the site fully, but that venture capital interest had dried up. WorldofFruit also made redundant about half its 20 Dublin-based staff. WorldofFruit said: "Conservatism is a factor. There is a reluctance to embrace technology in an industry which is heavily dependent on personal relationships." Analysts expect B2B exchanges increasingly to come under pressure this year, the Financial Times continued.

Related topics: Market Trends

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