Malaysia’s e-commerce startup Signature Market raises $980k Series A

Signature Market specialises in direct-to-consumer sales of healthy snacks.

Malaysia-based e-commerce startup Signature Market has raised 4 million ringgit ($980,000) in a Series A round from local investors including venture capital and multi-family private investment firm RHL Ventures and Axiata Digital Innovation Fund, according to a statement on Thursday.

Founded by Edwin Wang and John Cheng in 2014, Signature Market is a direct-to-consumer retailer of natural and organic snacks.

“Nutritious options have typically been priced out of the reach of many Malaysian consumers, thus limiting their accessibility. We decided to back Edwin, John and their team as they’re using technology to create a new and innovative way for people to access healthy snacks, helping Malaysians eat more nutritiously and lead a healthier lifestyle,” said RHL Ventures managing partner Rachel Lau.

Signature Market claims to have grown its revenue from 1 million ringgit ($240,000) in 2016 to 13.5 million ringgit ($3.3 million) in 2018. The startup said it plans to expand to other parts of Southeast Asia in the future but wants to focus on its home market for now.

“Consumers today want a healthier lifestyle but do not want to relinquish their comfort food. We’re excited to be working with RHL Ventures as they are sharing their regional network expertise with us to help us scale regionally. However, our focus for now is in Malaysia as we see vast opportunities in the local FMCG sector that we can take advantage of,” said Wang.

Last week, RHL Ventures announced an undisclosed follow-on investment in Malaysia-based healthcare SaaS platform HealthMetrics. Lau had told DEALSTREETASIA that Malaysia remains a priority to the firm, but the VC will keep a constant lookout for strategic deals across the region.

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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. 
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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.