VendPays Surpasses US$95,524 funding target on Ata Plus
By Digital News Asia December 13, 2018
- Rides the wave of the expanding coffee market in the country
- Funds will be used to rapidly increase their fleet of machines across Malaysia
VENDPAYS Sdn Bhd, the operating company for vBarista, has successfully closed their first ECF campaign by securing an average investment of RM8,709 from 52 unique investors. The smallest investment amount was RM288 and the single largest was RM151,200 bringing the total to RM452,912 (US$108,262).
“We are extremely pleased with VendPays’ achievements,” said Kyri Andreou, co-founder and director of Ata Plus, “VendPays’ campaign has proven to us once again the potential of equity crowdfunding (ECF) and how it can be instrumental in helping startups move forward to the next level of their business.
“Apart from funding, through ECF, because of its unique inclusion of the crowd-at-large, it’s able to help startups to extend their market reach beyond their existing community. Enabling more opportunities and new possibilities to come forth,” Andreou added.
VendPays, via their product vBarista, compresses premium cafe outlets into a 5-sqft. space, serving the finest of Italian bean-to-cup coffee and quality hot beverages round the clock.
Within 12 months, they have deployed vBarista vending machines to 22 locations as well as secured a partnership with Caltex.
The funds raised through the ECF Campaign will be used to expand VendPays’ business and rapidly increase their fleet of machines across Malaysia.
“The ECF Campaign did a lot more than just raised the funds we needed for our next phase of growth. Not only we secured investors who will be our brand evangelists, through the ECF Campaign we have also garnered substantial interests in our gourmet coffee machines and acquired new customers as well as partners, which will accelerate the growth of our business,” said Raymond Woo, CEO and founder of VendPays.
VendPays is set on a mission to offer freshly brewed coffee of superior quality round-the clock, especially for those who are on the move. Currently, vBarista is present in 22 locations and will be adding 40 more locations in the next coming year from the funds raised through this ECF exercise.
VendPays will be setting the groundwork for a massive expansion in keeping up with the expanding coffee market in Malaysia, Singapore and the region.