Exclusive: Malaysia’s dahmakan in talks to raise Series A, to expand to Singapore this year

The Dahmakan app open on an iPhone. Photo: Dahmakan

Malaysia-based food delivery startup dahmakan is in the midst of closing its Series A funding round, a few months after raising a $2.6-million pre-Series A round in January this year.

Dahmakan co-founder and CEO Jonathan Weins told DEALSTREETASIA on the sidelines of Wild Digital 2018 that the round will be closed within the third quarter of this year.

He declined to share further details of the financing round but said that the figure to be raised lies between a typical Series A and Series B round. The capital infusion is expected to sustain dahmakan’s operations for the next 15 months before the startup raises another round.

Series A rounds in Southeast Asia tend to range from $3 million to $5 million while Series B rounds can start upwards of $5 million and go up to $20-25 million.

Dahmakan had raised the pre-Series A round this January from accelerator Y Combinator, Texas Atlantic Capital, Swiss family office Atami Capital and the former founder of APAX Partners.

The round was followed by the acquisition of Thailand’s food delivery startup Polpa in March. The deal marked dahmakan’s first regional expansion since its launch in 2015.

“We will also be expanding to Singapore by the end of this year, and next year we will be looking at Jakarta and Hong Kong,” said Weins, adding that the startup will not enter Singapore via an acquisition.

“We will be setting up new operations in Singapore. The acquisition in Bangkok is an exception for us. We’re always on the lookout for companies who want to be part of something bigger but we mainly look at building the team because we have invested a lot in our technology,” he added.

Weins likened the company’s approach to Uber, which spent time building its presence in San Francisco before expanding to other cities.

“For us, the acquisition was a matter of good timing and a unique opportunity to work with the Polpa team. Bangkok is a fast-growing market for us,” said Weins.

In the increasingly competitive food delivery space, Weins said dahmakan will continue to prepare in-house meals instead of being a delivery or logistics player.

“That will always be our strategy because that’s where we see we can have a fundamental value-add for our customers because we produce completely different food and make it much more affordable,” he said.

Also Read:

Malaysian food delivery startup dahmakan acquires Thai competitor Polpa

SE Asia turns new battleground for food delivery as ride-hailing apps step on gas

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.