Malaysian F&B and retail tech solutions firm eatcosys raises US$2.4M via Fundnel

eatcosys, a provider of F&B and retail tech solutions in Malaysia, has raised RM10 million (US$2.4 million) via the equity crowdfunding platform Fundnel and a concurrent private placement.

Over 90 investors from the retail, financial services and consumer sectors participated.

This round brings the company’s valuation to more than US$24 million.

The funds raised will primarily expand eatcosys’s technological development and strategic investments in the fintech space. This, in turn, will help small retail businesses attract, retain and reward customers through existing platforms such as FoodAdvisor, MyCookingStory, FeedMyGuest, VMO, BoozEat, and Malting Point.

Also Read: How a few up and coming virtual kitchens revitalise the pandemic-hit F&B industry in Malaysia

eatcosys co-founder Tham Lih Chung said: “With the funds raised, we aim to uplift every aspect of the retail industry, from the small independent businesses to large enterprises. As a result of this, we hope to revive other areas of the Malaysian economy as well.”

eatcosys provides an integrated platform that works across three fundamental verticals: platform services, technology-enabled services, and fintech.

The platform utilises an interconnected system built on retail and fintech. It addresses the operational needs of businesses throughout their life cycle. Among these include formatting the framework for web pages, crowdfunding, management for engagement purposes, incubation in terms of development, and other services that fulfil the needs of their clients.

IPO plans

The homegrown retail & fintech solutions provider also has plans for an Initial Public Offering.

“We have a strong mission for supporting the growth of retailers in Malaysia. We want Malaysians to be able to share in our growth and the growth of our country. Crowdfunding is the first step. We have near-term plans for an IPO on the ACE Market, so I hope our fellow Malaysians will support us with this initiative,” said Chung.

Also Read: How cloud kitchen startup COOKHOUSE, started amidst COVID-19, managed to win 35 F&B clients in Malaysia within a year

Headquartered in Singapore, Fundnel has a presence in four countries across Asia Pacific. Since 2016, the platform has facilitated over US$500 million in essential funding for private companies and funds in Southeast Asia from its global network of 15,000 investors.

The post Malaysian F&B and retail tech solutions firm eatcosys raises US$2.4M via Fundnel appeared first on e27.

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eatcosys, a provider of F&B and retail tech solutions in Malaysia, has raised RM10 million (US$2.4 million) via the equity crowdfunding platform Fundnel and a concurrent private placement.

Over 90 investors from the retail, financial services and consumer sectors participated.

This round brings the company’s valuation to more than US$24 million.

The funds raised will primarily expand eatcosys’s technological development and strategic investments in the fintech space. This, in turn, will help small retail businesses attract, retain and reward customers through existing platforms such as FoodAdvisor, MyCookingStory, FeedMyGuest, VMO, BoozEat, and Malting Point.

Also Read: How a few up and coming virtual kitchens revitalise the pandemic-hit F&B industry in Malaysia

eatcosys co-founder Tham Lih Chung said: “With the funds raised, we aim to uplift every aspect of the retail industry, from the small independent businesses to large enterprises. As a result of this, we hope to revive other areas of the Malaysian economy as well.”

eatcosys provides an integrated platform that works across three fundamental verticals: platform services, technology-enabled services, and fintech.

The platform utilises an interconnected system built on retail and fintech. It addresses the operational needs of businesses throughout their life cycle. Among these include formatting the framework for web pages, crowdfunding, management for engagement purposes, incubation in terms of development, and other services that fulfil the needs of their clients.

IPO plans

The homegrown retail & fintech solutions provider also has plans for an Initial Public Offering.

“We have a strong mission for supporting the growth of retailers in Malaysia. We want Malaysians to be able to share in our growth and the growth of our country. Crowdfunding is the first step. We have near-term plans for an IPO on the ACE Market, so I hope our fellow Malaysians will support us with this initiative,” said Chung.

Also Read: How cloud kitchen startup COOKHOUSE, started amidst COVID-19, managed to win 35 F&B clients in Malaysia within a year

Headquartered in Singapore, Fundnel has a presence in four countries across Asia Pacific. Since 2016, the platform has facilitated over US$500 million in essential funding for private companies and funds in Southeast Asia from its global network of 15,000 investors.

The post Malaysian F&B and retail tech solutions firm eatcosys raises US$2.4M via Fundnel appeared first on e27.

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