Kravve.co has successfully raised RM1,255,000 (USD306,206) via equity crowdfunding platform pitchIN.
The company which offers impact-driven software-as-a-service enabled marketplace that allows home cooks and small food businesses sell their home-made food and groceries online has attracted the confidence of 159 investors with 11.11 percent of total equity offered.
The highest individual investment value recorded was RM222,500 (USD54,270).
With the funds in place, it will enable positive future expansion plans for the company which includes an allocation of 20 percent of funds to cater their first foray beyond the Malaysian shores into Singapore, 35 percent on marketing efforts and 45 percent to be allocated towards building the manpower strength.
During the last financial year despite the pandemic, the company grew 10 times from their consumer-facing business resulting with the company being confident about their future and targeting to grow 10 times more.
Yong Teh Yong Lin, Chief Executive Officer & Co-Founder of Kravve.co said, “The pandemic was definitely a factor in accelerating digital transformation. Covid-19 has pushed small businesses over the technology tipping point and transformed their businesses forever. With our platform, they are able to service more clients than they can ever imagine before and solve their headaches of having to manually handle each order that comes in for them.”
“We are empowering micro-sellers to make a full income from home, with a website simple enough to create in five minutes, that comes with full ecommerce capability,” Yong Lin added.
Joshua Liew, owner and co-founder of Espressolab Asia Pacific Sdn Bhd who has been utilising the Kravve.co platform said its online sale fulfilment is now 99 percent dependent on Kravve.co. “Kravvee.co has taken off a load of my shoulders with its user friendly and easy to manage platform with easy access payment gateways for the consumers,” he said.
Meanwhile, one of the investors, Jason Foo Khee Long, Founder and Executive Chairman of 81 Group commented, “I invested because of the people in Kravve.co. These people have great ambition and enthusiasm in pursuit of their dreams and I strongly believe that they are embarking on the future of business, that is digital. It is my aspiration to see them grow to become a household name globally and be top of mind when one thinks about homemade business.”
With their market pace, they leveled the playing field between small sellers and supermarkets, providing local sellers an equal opportunity to get discovered.
“Next on our agenda is to work towards being the leading impact driven food tech company that focuses on empowering micro sellers across Southeast Asia, targeting 10,000 of micro food businesses to come onboard,” added Yong Lin.
Kashminder Singh, the Chief Strategy Officer at pitchIN said, “We look forward to seeing Kravve.co carry out its expansion plans and become a leading platform in South East Asia. Kravve.co’s successful fundraising will have a knock-on effect as it will, in turn, enable more micro businesses to grow their own ventures on the kravve platform.”