Singapore-based early-stage investor Cocoon Capital has led a $900,000 seed funding round in FoodRazor while Indonesian student loan-focused fintech platform Pintek has secured an undisclosed investment from Accion Venture Lab.
SG’s Cocoon Capital leads $900k funding round in FoodRazor
Singapore-based early-stage investor Cocoon Capital has led a $900,000 seed funding round in FoodRazor, a global cloud-based invoice management SaaS solution, according to a statement.
Found. Ventures and prominent angel investors also participated in this round.
FoodRazor’s online platform claims to generate up to 20 per cent cost savings for F&B operators by saving time on data entry tasks and helping make smarter purchase decisions. By digitising the entire invoice management process, FoodRazor provides restaurants with actionable insights, price analytics, and streamlining of the accounting workflow.
The company claims that it has expanded its global footprint to 300 restaurants across Singapore, Australia, New Zealand, Dubai, Hong Kong, Canada, the United States, and the United Kingdom since its launch.
The fresh funds will be used to support FoodRazor’s expansion into new markets, strengthening its position as a global invoice management platform. The company also plans to support other invoice-heavy industries such as accounting, manufacturing, and logistics.
Cocoon Capital focuses on early-stage, enterprise tech companies across Southeast Asia and has assets under management of $40 million. Last July, Cocoon Capital hit the final close of its second fund at $22 million, exceeding an initial target of $20 million.
Indonesian fintech startup Pintek raises funding
Indonesian student loan-focused fintech platform Pintek has secured an undisclosed investment from Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative, according to a company statement.
Pintek will use the proceeds to expand its technology and platform as the company evolves its approach to meet the needs of underserved students and schools amid the COVID-19 outbreak.
We had broken the news of Pintek’s earlier funding from Rocket Internet-backed venture capital firm Global Founders Capital.
The company claims that through partnerships with payment processors and schools, Pintek is now reaching students in 26 of the nation’s 34 provinces.
Pintek says it has partnered with edtech platforms to provide schools with financing and access to remote learning platforms to help ease the transition to online learning. Pintek is also working to launch a fundraising campaign to help teachers in Indonesia who are currently unemployed due to COVID-19.
Since 2018, Pintek has partnered with close to 100 education institutions and has already disbursed loans to customers in 22 provinces in Indonesia. More than half of Pintek’s customers were first-time borrowers. The company will also launch its Syariah product next quarter.