Kaodim, a Malaysian online marketplace for consumers seeking service professionals (e.g plumbers, decorators, movers, yoga instructors, or pest control specialists) has successfully raised $550,000 in a seed round led by East Ventures, with participation from other venture capitalists (VCs) like 500 Startups.
Founded by the Jeffri Cheong and Choong Fui-Yu, both former practicing lawyers, they launched Kaodim in November 2014. In December 2014, they had approximately 500 vendors on board, with 400 job requests made and 1300 quotations returned. According to Cheong, this has risen to an average of 120 to 150 job requests per day as of February.
Commenting on the round, Cuaca explained: “In a short period of time, they actually made the product work and nailed down the problem. The team is also decisive and responsive – they make decisions fast and know what they want.”
Expressing happiness in collaborating with East Ventures and 500 Startups, Choong added: “We like the approach the investors took with this round of fundraising, and in business generally – think big, focus on the important stuff, and move quickly.”
Kaodim’s development roadmap calls for it to expand its portfolio of services it caters to on its platform. This expansion will be leveraged on the desire of professional service providers to expand their market reach and presence.
Choong added: “We can’t wait to bring this technology to music teachers, party planners, wedding MCs, and the thousands of other services across Southeast Asia that have not experienced much technological innovation as far as getting customers is concerned.”
While some had expressed concerns over the early state of the fundraising, Cheong said that the traction he observed persuaded him otherwise. With some businesses on their platform acquiring “…50 new clients in three months…”, Cheng chose to leverage on this rapid growth to seek additional seed funding in order to scale and expand.
Prior to regional expansion in Southeast Asia, Cheong plans to establish strong market leadership in the Malaysian market, using it as a foundation for regional expansion. Funds from the seed round will be in investing in acquiring more local users and service providers, as well as talent acquisition.
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