Singapore headquartered code2LAB, a mobile-based solution provider for restaurants, that primarily focuses on Myanmar market, is on track to close a $500,000 investment by February 2017 from Globalway Ventures, an Asia focused internet investment project formed under Tokyo based Globalway Inc, an executive with the company said in an interaction with DEALSTREETASIA.
Globalway, that specializes in internet and cloud computing businesses is expected to obtain a 30 percent stake in code2LAB through the investment.
The investment will become the first venture in the Myanmar market by Globalway. Starting from 2016, Globalway plans to invest about $100 million in Asia.
Started in 2012, code2LAB currently provides cloud-based restaurants management system in Myanmar.
“The investment injection will help advance code2LAB’s product of SmartSales which helps restaurant owners transform works done manually to an integrated automated solution. They intend to develop the features, include payment integrations through mobile money provider, banks and payment gateways and expand the marketing around Myanmar,” said Min Zeya Phyo, founder of code2LAB.
Globalway had made an announcement in November about their plans for investment in code2LAB and noted that SmartSales is a simple, affordable system that uses smartphones and tablets to significantly contribute to streamlining business management at restaurants.
DOE Mal, a new product which can help provide word-of-mouth communication and coupon information to customers of restaurants, is also under development by code2LAB.
The Product development, marketing and sales around the country will be handled through the investment received from Globalway.
“We are planning to have a soft beta launch (for DOE Mal) in mid January 2017. It will be limited features just releasing on restaurants listing first, follow by monthly features releases,” said Phyo.
The official launch will be in April 2017 and the company plans to cover the whole country by the end of 2017, he said.
DOE Mal will let consumers check the reputations of restaurants and make reservations. Also, coupons issued by restaurants can be used on smartphones.
code2LAB has already made a landmark in Yangon with its platform being used by popular restaurants mainly in Yangon. Clients include 16 branches of Shwe Palin teashop, Happy Noodles’ six outlets, nine food stores at the food court named Food Village in Hledan, five branches of Shwe Lar, 12 shops at the Food City at Myanmar Plaza, Astons Steak House, Ssuni Korean Cafes, Sports Bars and Osaka Restaurants.
“Many of our clients are restaurants chains. Our solution enables business owners to expand their chains more rapidly,” said Phyo adding that they have a customer care team that rapidly resolves any issues that come up.