Local services platform ServisHero raises $2.7m from Golden Gate Ventures, Cradle

ServisHero Thailand Team

Singapore-based venture capital firm Golden Gate Ventures has led the latest $2.7-million pre-Series A funding in Southeast Asia’s local services marketplace ServisHero, which also announced that it was expanding operations to  Thailand – the third destination following Malaysia and Singapore.

Cradle Seed Ventures, a venture capital fund supported by the Malaysian government, also participated in the round.

Its previous investors include YTL Group, Lelong.my (Interbase Resources Sdn Bhd), and the former COO of Groupon International.

ServisHero offers a tailored marketplace for clients to hire service providers for their home and office needs. Users can make service request via the proprietary mobile app or website and are connected with thousands of local service providers who submit custom quotes to complete a job.

After its launch in June 2015 in Malaysia, it has clocked over 50,000 downloads and claims that it has double digit percentage transaction growth every month.

There are thousands of local service providers using ServisHero app to source new customers.

It plans to use the funds to keep up this momentum by expanding into Thailand and other countries in Southeast Asia. To drive the growth in Thailand, it has appointed Noppol Toochinda, who previously worked at Maersk and Proctor&Gamble, as country manager.

“During our testing period in Bangkok we saw phenomenal demand for ServisHero, so we are looking forward to cementing ourselves as an indispensable tool for all service providers in Thailand,” Noppol Toochinda cited in the statement.

Thailand has high mobile savvy population especially in its major cities.

“Our entry into Thailand is well-timed with the rapidly increasing demand for solutions that extend beyond the traditional directory,” Karl Loo, CEO and one of ServisHero’s founders, said.

“The maturity of our operational system in Malaysia and Singapore has allowed us to grow rapidly – we wanted to introduce our service to Thailand which experiences similar problems to Malaysia when it comes to price, quality and transparency for local services”.

Founded by Karl Loo (CEO), Jason Kang (CFO) and Paul Copplestone (CTO) in 2015, ServisHero, the trading name of Business Pixel Sdn Bhd, has become the largest and fastest growing local services marketplace app in South East Asia.

Also read:

M&As to become preferred route for startup exits in Singapore, SEA: Golden Gate Ventures

Best time for Malaysian startups to attract top talent amid lay-offs: Cradle Fund CEO Nazrin Hassan

Cradle Fund taps six investment partners to raise $12.4m for Malaysian startups

 

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.