Singapore-based online corporate services startup, Lanturn has secured US$ 3M in a funding round held in October 2020. Investors include East Ventures, CoCoon Ignite Ventures and individual investors, including Alex Turnbull, Saki Georgiadis, Meiyen Tan, Chris Kelly and Tiang Foo Lim.
Capital raised will be used to develop Lanturn’s corporate service and accounting offerings. It will also be used to enhance the Zave corporate services platform, and introduce and develop new service segments.
Lanturn, founded in 2018, aims to simplify the workload of its clients with a combination of corporate services and its exclusive platform that helps automate administrative work. It offers cloud corporate and fund services for accounting and tax, corporate secretaries, incorporation and visa applications. It mainly caters to the needs of early-stage technology companies, SMEs and Singapore-based private equity firms, venture capital firms and debt funds.
The startup has almost 400 clients now, some of which include Soho, Winnow, Genesis Alternative Ventures and Spartan.
CEO Velisarios Kattoulas said that administrative tasks are often extremely frustrating and time-taking and nobody really runs a tech firm, an SME, or a venture capital fund because they want to do tax filings, accounting, visa applications, etc. He believes that it is logical for entrepreneurs and investors to focus on their main businesses. He also thinks that cloud technology can make corporate services, accounting and other services more productive. This is the reason behind their continued investment in the Zave platform, the corporate services platform that they started building in 2017.
About East Ventures
Jakarta, Indonesia-based East Ventures is an early-stage venture capital firm that was founded in 2009. It is one of the longest-serving seed investors in the Southeast Asia region. East Ventures has invested in over 160 startups with more than US$ 4B in follow-on rounds. Its portfolio includes Tokopedia, unicorn startup Traveloka, Japanese e-commerce Mercari, co-working startup CoHive (formerly known as EV Hive), Indonesian EdTech company Ruangguru, and cashback reward platform ShopBack. It was endorsed by Crunchbase as one of the top eight seed investors worldwide in Q3, 2018. East Ventures is one of the five firms globally to have three funds ranked in the research firm Preqin’s top quartile.
Batara Eto, Managing Partner and Co-founder of East Ventures quoted, “Many startups and other small businesses have innovative business propositions, but they often find it challenging to juggle developing their products and solutions for the market while handling routine bookkeeping, compliance checks and so on.”
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