eatcosys Raises RM10 Million Through ECF to Enable Retail Digital Transformation
2022-02-10 /09:02 pm
● Eatcosys is now valued at more than RM100 million, on pace for a near-term Initial Public Offering
● The funds raised will go towards expanding eatcosys’ technological development and strategic investment in fintech, providing a more holistic solution for retail businesses
Kuala Lumpur, 27 October 2021 – Eatcosys Sdn Bhd (“eatcosys”), Malaysia’s leading Food and Beverage (F&B) and retail tech solution provider, has successfully raised RM10 million through equity crowdfunding platform, Fundnel, and a concurrent private placement. The retail and financial technology group is now valued at more than RM100 million.
As a progressive approach, the business will be able to bring into service any emerging technologies and apply them in practice. eatcosys will also utilise the funds towards strategic investments as a safeguard to lessen any potential financial risks that the company may encounter. Concurrently, being prepared to seize any promising investment opportunities that come their way and using the funds to finance F&B and retail operators. This approach is carried out with the aim to further expand the businesses of their merchants in the future.
The funds raised will primarily go towards expanding eatcosys’ technological development and strategic investments in the fintech space that will help small retail businesses attract, retain and reward new and existing customers through existing platforms such as FoodAdvisor, MyCookingStory, FeedMyGuest, VMO, BoozEat & Malting Point, to name a few. “eatcosys was founded on the belief that retail is the backbone of any economy. In times like this, this is the right time and opportunity for us to step up and help the retail economy recover and thrive,” said Tham Lih Chung, co-founder of eatcosys, in reference to the challenges that all retail businesses are bound to face.
Tham further added, “With the funds raised, we aim to uplift every aspect of the retail industry, from the small independent businesses to large enterprises. As a result of this, we hope to revive other areas of the Malaysian economy as well.”
Commenting on the successful fundraise, Kristin Lim, Director of Investments at Fundnel, said, “Investors were very enthusiastic about eatcosys’ mission and growth potential. Fundnel is honoured to be able to support more companies like eatcosys that have great growth potential and are doing something meaningful for Malaysia.”
The fundraising campaign is regarded as a success as over 90 investors from the retail, financial services and consumer sector participated in making investments through equity crowdfunding for the online campaign. This signals promising support for the retail industry, as they managed to raise up double the amount of their goal within a short period of time.
eatcosys Sdn. Bhd. is a platform that serves to further expedite the success journey of F&B and retail operators, supporting the progression of the business throughout. It utilises an interconnected system built on retail and financial technology, incorporating several digital platforms and fintech. By introducing versatile digital solutions curated by specialists, eatcosys provides these businesses the competitive advantage to thrive in the industry even in severe economic climates as they address the operational needs throughout the business life cycle. Among these include formatting the framework for webpages, crowd-funding, management for engagement purposes, incubation in terms of development, as well as other services that fulfil the needs of their clients.
The homegrown retail & fintech solutions provider also has plans for an Initial Public Offering (“IPO”) in the near future. “We have a strong mission for supporting the growth of retailers in Malaysia, a clear vision of how to do so, and have built up a strong ecosystem to execute on this vision. We want Malaysians to be able to share in our growth and the growth of our country. Crowdfunding is a first step. We have near-term plans for an IPO on the ACE Market as well, so I hope our fellow Malaysians will support us with this initiative,” said Mr Tham.
On the choice of launching their crowdfunding campaign on Fundnel, Mr Tham commented, “Both Fundnel and eatcosys are aligned in our goal of helping Malaysia’s small businesses recover economically from this pandemic. Now that we have a solid tech platform and the experience of crowdfunding for ourselves, we hope to continue working with Fundnel to help even more good businesses access crowdfunding so that they can also achieve their growth potential.”
For more information on eatcosys and its technology solutions, please visit www.eatcosys.com