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