Gobi Partners leads $1m pre-Series A round in Malaysia’s AVANA

Photo: AVANA website

Malaysia-based social commerce platform AVANA on Thursday announced that it has raised $1 million in a pre-Series A round led by Gobi Partners.

The round was joined by TH Capital and return backer Cradle Seed Ventures.

Founded in 2016, AVANA targets micro, small and medium enterprise (MSME) sellers that want to ride the e-commerce wave to grow their businesses. Its users can set up, start and sell from their online stores integrated with Facebook while managing their customers’ orders and processing payments in one place.

“Social e-commerce is taking off in ASEAN, counting for 30% of digital sales in Southeast Asia. The region’s young population, speedy smartphone and social network adoption is driving this growth. ASEAN is well positioned for social e-commerce, and AVANA’s all-in-one platform, as well as their focus on smaller, MSME businesses, is sure to position them as a key player in this fast-growing market,” said Gobi founding partner Thomas G. Tsao.

The startup said it plans to use the latest funds to tap the 3.5 million MSME sellers in Malaysia, who make up 70 per cent of the market, that are yet to penetrate the e-commerce market. AVANA also plans to expand its presence in Indonesia, where it did a soft launch of its services in October last year.

Another focus area for the company would be to enhance its platform to provide more sales channels integration in order to target a broader pool of MSME sellers, a statement added.

AVANA has partnered with POS Malaysia, MYNIC, and MDEC as well as POS Indonesia and JNE Indonesia. The startup had last raised RM2 million ($498,274) from Cradle Seed Ventures and Captii Ventures in 2016.

Also Read:

Malaysia’s online used car platform Carsome raises $19m in Series B

Malaysian startup Zoom raises $1m in Gobi Partners-led pre-Series 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.