True Global Ventures 4 Plus Fund has invested $3 million in Singapore-based Dedoco, a blockchain-based document management platform.
With this investment, Dedoco’s total capital raised to far has reached US$7.5 million. In July of last year, the business received US $2.5 million in a seed fundraising round headed by Vertex Ventures Southeast Asia.
Following the funding, Dedoco plans to expand into additional areas this year, including the United States. In addition to Singapore, it has operations in Australia, Malaysia, and Thailand.
“We are dividing this into three main segments – Singapore and SEA, Australia, and the US. We started from Singapore in 2020, and we are definitely looking at progressively anchoring our position at home base,” Daphne Ng, co-founder and CEO of Dedoco, told as per reports.
Ng asserted that the biggest challenge for its international expansion will be developing a deep understanding of these new markets. “There are nuances in each market that are important for B2B solutions like ours,” she said.
To address this, the firm will be paying close attention to finding the right team members, as this would enable it to potentially cut short on its learning curve and optimize investment spending on “the correct go-to-market strategy in each market,” Ng added.
By the end of 2022, the firm hopes to have quadrupled its client base. Over 200 businesses, including government agencies, banks, professional services firms, financial institutions, and real estate firms, are being served.
