Vynn Capital, a Southeast Asia-focused venture capital firm founded by former Gobi executive Victor Chua and Singapore’s Darren Chua, has led a MYR1.4 million ($350,000) seed financing round in Malaysia-based B2B e-procurement marketplace Dropee, according to an official release.
PT Prasetia Dwidharma, which is a telecommunication infrastructure contractor led by twin brothers Arya Setiadharma and his brother Ardi Setiadharma, also participated in the round.
Founded in June 2016, Dropee platform connects suppliers with small-to-medium enterprise (SME) business owners in real time to streamline the product fulfillment process and facilitate bulk purchases.
“Dropee offers practical solutions for offline retailers to optimize their businesses and generate growth for local economies. More than just that, the company is also in a good position to serve a wider audience who are interested in cross-border opportunities. This fits with our view that the region will eventually converge into a single unit block of economy,” said Victor Chua, Managing Partner, Vynn Capital.
The two-year-old startup is led by co-founders Lennise Ng (CEO) and Aizat Rahim (COO), who are experienced entrepreneurs with backgrounds in e-commerce marketplace and FMCG industries. The startup is currently operating in Malaysia, with a focus on the metropolitan areas of Kuala Lumpur, Penang and Johor.
This year, the company aims to increase its business coverage across Malaysia with plans to expand operations in neighbouring countries, including Indonesia, Thailand and Vietnam in the near-term future.
“From the very beginning, our mission has been to build more meaningful relationships between businesses. We believe we are able to achieve so by increasing transparency across the supply chain. Our goal is to build an altogether new kind of supply chain network that is both resilient and responsive,” said Lennise Ng, Co-founder and CEO of Dropee.
Vynn Capital is an early stage venture capital firm founded with the objective of bridging the gap between traditional industries and the new economies through the development of technology.
Key industries of focus include travel, property, food and FMCG, female economics as well as business enablers (including logistics and fintech). In May, Vynn Capital led Series A financing of $4 million in Indonesian travel platform Travelio.
PT Prasetia Dwidharma started to invest in technology startups since 2013 mostly in South East Asia with 60+ portfolio companies up to date.