Retail-tech brand Slurp! Point-of-Sales (POS) is seeking to raise a target amount of RM3.5 million funds through the pitchIN equity crowdfunding (ECF) platform.
Slurp! plans to allocate the funds into three business areas — approximately RM1.8 million for managing human capital, RM1.5 million to support its market expansion plan within Malaysia and into Southeast Asia and the United States, and the remaining on product research and development.
The fundraising campaign is currently at the pre-live stage that will last between two and six weeks, starting 22 June 2021. The pre-live campaign is accepting early-bird investors and Slurp! will grant early-bird investors incentive shares based on the amount of their commitment.
Reza Razali, Chief Executive Officer of Slurp! said, “Slurp! has been thriving for the last couple of years. No doubt, the Covid-19 pandemic has caused some setbacks but overall, our profits jumped from about a half-million ringgit in 2019 to RM1.9 million in 2020. We want to accelerate our business further. We chose pitchIN as a platform to attract investors because they have a good track record of helping tech firms.”
Slurp! started in 2014 as a POS solution for F&B outlets only. In 2020, it launched Slurp! Fuel Retail POS.
“We have served thousands of small- and medium-sized F&B outlets throughout Malaysia. On the fuel retail POS front, we have been working with PETRONAS to power almost 800 petrol stations nationwide so far. These milestones have given us the confidence to continue to grow. We hope to be able to venture into overseas markets too,” Reza explained.
Slurp! has been actively taking part in industry tradeshows at the international level to explore business opportunities. It is currently expanding into the Philippines.
This is the first time Slurp! is trying to raise funds via an ECF platform. Previously, it received RM2.5 million from Axiata Digital Innovation Fund (ADIF).
“Technology and people are core to our business, and we want to continue to grow them so we can achieve greater things. We hope to interest investors out there to join us in our journey,” Reza concluded.
Slurp! will hold information sessions on the campaign via Twitter Spaces and Clubhouse. Interested parties are advised to visit Slurp! page on pitchIN and Slurp! social media accounts for updates.
Slurp! POS is available directly from its registered company, Silentmode Sdn. Bhd., based in Bangi, Selangor.
