Supplycart raises US$2mil in Series A funding
By Digital News Asia September 3, 2018
- Funds will be used to scale its services and fuel regional expansion plans
- Raised US$500,000 in 2016 from KK Fund, Cradle Fund and other private investors
SUPPLYCART has raised US$2 million (RM8.22 million) in Series A funding from FirstFloor Capital, Japan-listed Capital Aucfan Co Ltd and other private investors.
According to CEO & co-founder Jonathan Oh, “We have had really great adoption and growth in the past two years. Our early stage investors KK Fund have been really supportive when working with us. The the new funds will allow us to extend our offerings to more businesses throughout Malaysia and ultimately become a major player in the procurement platform in Southeast Asia.”
Supplycart is a pivot from Freshcart, which was an online grocery platform co-founded by Oh and Soh Shangrong in 2014. Freshcart raised US$500,000 (RM2.05 million) in seed funding in 2016 from KK Fund, Cradle Fund and other investors to launch Supplycart.
Supplycart is a Malaysia-based online B2B service management platform for products, multi-services and related procurement in office management. The web-based platform allows clients and vendors to enable a fully digital process from sourcing to order processing, vendor management and invoicing.
Clients can procure, manage and pay for office management services from a single point. Some of the areas in which Supplycart works with clients include corporate catering, pantry planning and management, gifting, employee engagement initiatives and more. This gives clients better control, visibility and insight, leading to cost reductions in the business.
The company says it has served clients such as, Grab, Ecoworld, Unilever and Feruni and offers over 10,000 products and services.
“We have been consistently listening to feedback from our clients so we can innovate, deliver more value and set new standards in the SME & Enterprise industry. We believe this is an experience that businesses require and is a great opportunity for suppliers and clients to adopt technology in their office with Supplycart. It’s only the beginning for us to create a #workhappy culture that is efficient and effective,” said Oh.
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