Singapore-based VC firm and business builder Reapra Pte Ltd has provided seed funding of $600,000 to Malaysian florist BloomThis Flora Sdn Bhd, a company started by husband and wife duo Giden Lim and Penny Choo.
“BloomThis is targeting Singapore and Indonesia in its next expansion phase into Southeast Asia. It will also use the funds to upgrade its technology and build up its fast-growing flower delivery business into the wedding space,”it said in a statement Monday.
The company founded in 2015, claimed it had experienced tremendous growth in sales since it started.
BloomThis has also established itself as an online flower gifting brand through collaborations with SK-II, Christian Dior, Benefit, The Body Shop, and other luxury consumer brands.
Meanwhile, Reapra set up by Japanese entrepreneur Shuhei Morofuji, said it believes in supporting businesses that have a strong local impact with the intention to expand regionally. The firm has 14 direct subsidiaries, including two VC firms, and has invested in 40 startups across Southeast Asia in diversified industries including agriculture, healthcare, education, hospitality, digital media, travel, real estate, and aerospace.
Each of its subsidiary will run and develop individually with the goal of optimizing its market valuation at $2 billion within 10 years.
“Reapra is pleased to make this investment in BloomThis as the company meets our growth strategy of investing in startups that have a good fit of a traditional business and technology to drive it forward,” said Vikram Bharati, Investments lead at the venture capital firm.