Kuala Lumpur-based office procurement startup Supplycart has raised a $2 million Series A round led by FirstFloor Capital, Japan-listed Capital Aucfan Co Ltd and other private investors, it said in an announcement on Monday.
The fresh funds will be used to scale its services to more corporate clients and fuel its regional expansion plans.
“We have had really great adoption and growth the past two years. Our early stage investors KK Fund have been really supportive when working with us and with the new funds together with FirstFloor Capital would allow us to extend our offerings to more businesses throughout Malaysia and ultimately a major player in the procurement platform in SEA region,” said Supplycart co-founder and CEO Jonathan Oh.
The startup was a pivot from Freshcart – an online grocery platform co-founded by Oh and Soh Shangrong in 2014. Freshcart last raised a $500,000 seed funding in October 2016 from KK Fund and Cradle Fund as well as other investors to launch Supplycart.
Supplycart is a business-to-business service management platform which allows its users and business vendors to procure, manage and expense office management services from a single point. The platform also works with its client for corporate catering, pantry planning and management, gifting, employee engagement initiatives and more.
The startup claims to have served hundreds of corporate clients including Grab, Eco World Development Group Bhd, Unilever and others.
“In 2018, we are targeting to grow revenue by two times from our previous year and increase our clientele across Malaysia. A key mission for us would be increasing exposure using different channels to reach out to more and new clients. 2018 would be year to enhance and develop Supplycart platform further. We intend to invest in its sales, marketing and product development teams,” added Oh.
Also read:
Malaysia: KK Fund, Cradle lead seed round for Freshcart’s new office supplies portal
Malaysia’s Cradle Fund attracts $10m seed funding for CIP Catalyst programme
