Babydash targets next funding round via ECF
By Digital News Asia May 20, 2021
- Aggressive plans aimed at scaling footprint in Asean and doubling revenue
- Revenue tripled with average 46% YoY growth since first ECF effort in 2017
INTEGRATED digital baby store Babydash has announced that it is set to raise further funds via equity crowdfunding (ECF) platform PitchIN. The Malaysian startup is set to raise a targeted amount of US$242,000 (RM1 million), it said in a statement.
Babydash said it has outlined aggressive plans aimed at scaling its footprint in Asean and doubling revenues in the next 18 months. In the first round of its funding in 2017 (also via PitchIN), Babydash attracted 131 investors in a fully-subscribed campaign raising US$484,000 (RM2 million).
“Since our first ECF effort in mid-2017, our revenue has tripled with an average growth rate of 46% year-on-year," claimed Lavinie Thiruchelvam, CEO and founder of Babydash (pic).
“Over the last few months, we have been building on our new technology including re-platforming our website’s backend and gearing up our data analytics capabilities.
“Injection of capital from this campaign will enable us to drive Babydash into the next phase, strengthening our lead in Malaysia and growing Singapore as we expand within the region,” she said.
According to Babydash, it has a 180,000-strong parenting community base, along with direct partnerships with brands and a supply chain ownership that guarantees delivery within 48 hours. The startup expanded into Singapore in late 2019.
Babydash’s accolades include winning 'Best Customer Engagement' by Cradle Fund Sdn Bhd via their Coach & Grow Programme (CGP) 2015/2016 Cohort.
It was voted the No.1 online baby store in Malaysia by Tallypress in November 2017 and was also awarded third prize by Digital Malaysia (National Digital Economy Initiative) in its Top 25 SMEs category.
“We are proud to be trusted by a strong community of mothers and families. The building of a parenting community allows Babydash to have a deep understanding of our customer needs and propels us to go beyond for them,” said Lavinie.
“The community has served to drive customer loyalty, turning loyal customers into business investors. Our previous ECF campaign showed us that our investors are also our ambassadors and we are deeply honoured to enjoy this dual privilege.”
More information about the fundraising can be found here.
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