Square Peg, SIG Asia lead $7 mn fund­ing round in Kaodim Group

Mint Asia ST - - News Dealstreetasia - B Y TA NU PA NDEY


East Asian ser­vice mar­ket­place Kaodim Group has raised $7 mil­lion (MYR 29.5 mil­lion) in a fund­ing round led by Aus­tralia ven­ture cap­i­tal firm Square Peg Cap­i­tal and Shang­hai-based SIG Asia In­vest­ments.

The lat­est fund­ing for 2014-founded Kaodim will aid prod­uct de­vel­op­ment, beef up mar­ket­ing ef­forts and ex­pan­sion into un­der­served mar­kets across the re­gion, the startup said in a state­ment on 6 Novem­ber.

The Kuala Lumpur-based com­pany, founded by Jef­fri Cheong (group man­ag­ing direc­tor) and Choong Fui-yu (Group CEO), is cur­rently present in Malaysia, Sin­ga­pore, the Philip­pines and In­done­sia. Op­er­at­ing as Kaodim in Malaysia and Sin­ga­pore, it pro­vides the ser­vice as Gawin in the Philip­pines and the Beres in In­done­sia.

In 2015, Kaodim had raised a $4 mil­lion Se­ries A round led by Lippo Group-backed ven­ture firm Ven­turra Cap­i­tal and par­tic­i­pa­tion by BEENEXT, 500 Star­tups and East Ven­tures to ex­pand re­gion­ally.

Be­fore that, the same year, it raised a seed round of $550,000.

“Hav­ing seen strong de­vel­op­ment so far, our vi­sion is to pro­vide a faster, more de­pend­able way of hir­ing a broad range of ser­vices; from clean­ers to per­sonal train­ers. Square Peg Cap­i­tal and SIG’S ex­pe­ri­ence and ex­per­tise in in­vest­ing in mar­ket­places around the world will help the Kaodim Group achieve this,” said Cheong.

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