Malaysian startup Kravve. co is expanding itself from Malaysia to Singapore with more mom and pop business with a RM 1.25 million (around USD 304543.79) fundraising on 3 May 2021. It has raised this amount through equity crowdfunding (ECF) platform pitchIN and involved a total of 159 investors, in exchange for 11.11% of its equity.
With the funds raised, 20% will go to the expansion plans in Singapore, 35% will be allocated to the marketing efforts, and the remaining 45% will be for increasing the manpower of the company.
About Kravve.co-
With the CEO and co-founder, Teh Yong Lin, Kravve. co is an online bazaar for artisanal homemade food and enables small businesses to sell their goods online. It is a home-cooked meals marketplace that works like an Etsy for mom and pop food stores and groceries, with an aim to empower home chefs and micro sellers to make a living from home through e-commerce. The ecosystem of the company has given the power to micro sellers to make a full income from home, using a site which has the capability of complete e-commerce which is simple enough to create in five minutes. The company launched 2 years ago and till then it has 1000 sellers and 70000 users across Malaysia and with the incoming of the funds, they aim to increase the sellers by 10 times.
This is not the first funding, before this it raised USD 5000 in February 2018 which was backed by 1337 ventures. During its seed phase it raised USD 12000 in March 2020 which was backed by Mobile Only Accelerator (MOX) which has its headquarters in Taipei.
What the CEO has to say- The CEO remarked , “ The pandemic was definitely a factor in accelerating digital transformation. Covid-19 has pushed small businesses over the technology tipping point and transformed their business forever. With our platform they are able to service more clients than they can ever imagine before and solved their headaches of having to manually handle each order that comes in for them.”
He also said that despite the pandemic, the company has increased 10 times since last year. He further commented, “ We help automate the manual selling process end- to -end making a 16 step process in just two steps, with tech automation. This way moms and pops have more time to make more products, and sell more of them”.
He also revealed the next agenda in line which is to be the leading impact driven food tech company that focuses on empowering micro sellers across South East Asia with targeting 10000 micro food businesses.
