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.