Kravve.co has just announced the success of its ECF (equity crowdfunding) fundraising of RM 1,255,000 on pitchIN which involved a total of 159 investors with 11.11% of equity offered. Their highest individual investment was RM 222,500.
They are 245,000 RM from their goal of 1,500,000 RM, but managed to surpass their minimum goal of 100,000 RM.
For those unfamiliar with Kravve.co, this is a home-cooked food market that functions as an Etsy for food stores and mom-and-pop grocery stores, aimed at allowing chefs to home and micro-sellers to make a living from home. through e-commerce.
They currently have over 1,000 sellers on their platform as well as 70,000 users to date, and they credited the pandemic as an opportunity for them to grow 10x the previous year.
Currently, they are supported by two VCs which are 1337 Ventures, one local, and SOSV, a global VC based in San Francisco from which they have received US $ 100,000 (RM408,867).
This is not their first fundraising rodeo
Pre-seed phase, Kravve raised US $ 5,000 in February 2018, and during their seed phase, they had raised US $ 120,000 by March 2020. Their pre-seed phase was supported by 1337 Ventures while their Seeding phase was supported by Mobile-Only Accelerator (MOX) headquartered in Taipei.
As for what they plan to do with these new funds, Yong Lin, co-founder and CEO of kravve.co, said 20% of that amount will go to expansion in Singapore, 35% to marketing efforts and the 45%. other. % towards strengthening the strength of the workforce.
“Next on our agenda is to work to become the leading impact-driven food technology company that focuses on empowering micro-vendors across Southeast Asia, targeting 10,000 micro -food businesses to join, ”he added.
Riding on upward trends
Kravve.co’s focus has always been on their role in managing inquiries, sales and delivery so that their salespeople can focus on production.
Businesses with high order volumes would find this service attractive as it would take the headache out of having to manually manage hundreds of orders on WhatsApp, especially if you are a small team.
It can be assumed that Kravve.co’s solutions have won over investors due to the surge in home-based micro-sellers that have also arisen during the pandemic. For example, a few brands we’ve talked about recently are ButterBae, Sweet Hato, the Cookies Bar, FowlBoys, etc.
While many of these micro-businesses have gained traction on Instagram, as many of them are young and tech-savvy Malays, there is a portion of the older generation who may not be so inclined to digital. The latter risks falling behind if not for sites like Kravve.co, especially during the pandemic where everything must be digitized to be visible.
Their ECF campaign is also reporting promising support from industry platforms, such as Poptron (a virtual bazaar-like platform for local micro-brands) and GoodFinds (also for local micro-brands). In fact, Poptron had already raised US $ 1 million in seed funding earlier this year.
And so, it’s no surprise that we are seeing more of the like platforms appear, although Kravve.co has the advantage of having been established longer with a niche market that focuses solely on F&B micro-brands for the moment.
- You can read more about fundraising from Kravve.co here.
- You can read more about Kravve here.
Featured Image Credit: Jean Heah and Teh Yong Lin from Kravve.co (Beamstart)
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