SaaS startup PayrollPanda has closed a $700,000 seed funding round and Sona Petroleum Bhd will de-list from Bursa Malaysia this Thursday, June 28.
Launchpad’s PayrollPanda bags $700K seed funding
SaaS startup PayrollPanda has secured a $700,000 seed funding from family offices in the UK and Saudi Arabia, the startup said in a statement today. It is one of the eight startups under Malaysia-based venture builder LaunchPad.
The startup has also delayed its regional expansion plans and said it will remain focused in Malaysia until early 2019. The new funding will help PayrollPanda further enhance its product and focus on HR automation. It aims to increase its cystomer base to over 20,000 in Malaysia in five years.
LaunchPad CEO Asim Qureshi said, “Our revenues, number of customers, and growth rate are uncannily similar to New Zealand’s Xero soon after they IPO’d 11 years ago. That’s a great sign. This funding will keep us going until the end of the year before which we’ll be looking to raise again.”
Sona Petroleum to de-list from Bursa Malaysia
Sona Petroleum Bhd will be de-listed from Bursa Malaysia on June 28, 2018, the company said in a filing with the stock exchange.
“The entire issued share capital of Sona will be removed from the Official List of Bursa Securities with effect from 9am, Thursday, 28 June, 2018 pursuant to Paragraph 16.11(1)(d) of the Main Market Listing Requirements of Bursa Securities,” sai the company.
Sona was listed on July 30, 2013 as an oil and gas special purpose acquisition company (SPAC) and had proposed to acquire Stag oil field off northwestern Australia for $25 million in 2016.
However, the deal fell apart when Sona failed to secure shareholders’ approval and was wound up by the court.