Mobikon raises new round, to expand internationally
By Digital News Asia October 9, 2015
- Sum undisclosed, but targets 200% growth in revenue
- Plans to double number of employees by end of FY 2015
SINGAPORE-headquartered Mobikon, which operates a marketing platform for the F&B (food and beverage) industry, said it has raised funding from Life.Sreda and Qualgro, in line with its plan to “aggressively expand” in South-East Asia. The amount was not disclosed.
In a statement, Mobikon said it plans to use the funds to fuel rapid growth across international markets, open an office in Jakarta, and conduct strategic hiring across the United Arab Emirates (UAE).
It also has a presence in Manila, Dubai, Macau and Kuala Lumpur, as well as India, where it was founded.
Mobikon had earlier this year raised US$2.3 million in what it described as second round of Series A funding, part of which was used to acquire Trii.be, a Singapore-based startup that developed a customer feedback and analytics tool for restaurants.
After the Trii.be acquisition, its revenue from international markets jumped from 40% to 55% and is expected to reach 65% by the end of this financial year. It is targeting 200% growth this year, without giving actual figures.
Meanwhile, the new funds will help Mobikon invest in creating new tech infrastructure and provide restaurants with better products and faster upgrades, the company said in its statement.
It is soon planning to launch a completely new platform focused on ‘Restaurant Social Engagement,’ which it is touting will be “a breakthrough for the restaurant industry.”
“Qualgro and Life.Sreda, besides the funding, bring in a huge network of mPOS (mobile point of sale) and cloud POS players which will help Mobikon to scale quickly, ” said Mobikon cofounder and chief executive officer Samir Khadepaun.
Mobikon was amongst eight startups that took part in Life.Sreda’s accelerator programme in July. This funding stems from that programme.
Qualgro Pte Ltd Investment Fund director Heang Chhor will be joining the Mobikon board.
“The F&B space is becoming increasingly competitive and complex. Mobikon provides a real-time feedback loop between restauranteurs and their customers, and does so with a simple and easy to use interface,” he said.
“We were impressed by the quality of the Mobikon team and how restauranteurs have embraced the product – it’s making a difference to their businesses and the end-customer experience,” he added.
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