Eatcosys, a Malaysian supplier of food and beverage and retail technology solutions, has funded RM 10 million (US $2.4 million) through an equity crowdfunding platform and a private placement.
There were over 90 investors from the retail, financial services, and consumer industries in attendance.
The firm is now valued at over $24 million after this round.
The cash will be used to further eatcosys’ technical growth and key fintech initiatives. As a result, current systems like FoodAdvisor, MyCookingStory, FeedMyGuest, VMO, BoozEat, and Malting Point will be able to help small retail companies attract, retain, and reward consumers.
Eatcosys co-founder Tham Lih Chung said, “With the funds raised, we aim to uplift every aspect of the retail industry, from the small independent businesses to large enterprises. As a result of this, we hope to revive other areas of the Malaysian economy as well.”
Platform services, technology-enabled services, and fintech are all covered under eatcosys’ integrated platform.
The platform is based on a networked system that combines retail and finance. It takes care of a company’s operational demands throughout its life cycle. Formatting the foundation for web pages, crowdfunding, engagement management, development incubation, and other services that meet the demands of their clients are only a few of them.
An IPO is also in the works for the indigenous retail and financial solutions company.
“We have a strong mission for supporting the growth of retailers in Malaysia. We want Malaysians to be able to share in our growth and the growth of our country. Crowdfunding is the first step. We have near-term plans for an IPO on the ACE Market, so I hope our fellow Malaysians will support us with this initiative,” said Chung.
Fundnel is based in Singapore and operates in four countries in the Asia Pacific. Since 2016, the platform has helped private firms and funds in Southeast Asia raise over $500 million from its worldwide network of 15,000 investors.
