There’s more funding for Southeast Asia’s growing local services space after Kaodim, a Malaysia-based startup that operates in four countries in the region, raised $7 million.
Founded three years ago, Kaodim is a service for booking for hiring a range of services that include cleaning, moving, gas delivery, appliance care, and even photography.
The round was led by Square Peg Capital, a global fund headquartered in Australia, and an affiliate of PE fund SIG Asia Investment. This new capital takes Kaodim to $11.5 million raised from investors to date. Other backers of the startup include familiar VC names like 500 Startups, Venturra Capital, East Ventures and KK Fund.
It’s a crowded field with rivals like RecomN, Helpster, ServisHero while others outside of the region — including Helpling, which has raised from Asian investors — keeping an eye on Southeast Asia, a region of over 600 million people and rising consumer spending.
Kaodim said it plans to invest the capital on marketing, developing its product — it added a premium service last year — and expanding into “under-served markets.” Right now, it is present in Malaysia (Kuala Lumpur, Penang and Johor Bahru) the Philippines (Manila), Singapore and Indonesia (Jakarta).
“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,” Kaodim group managing director Jeffri Cheong said in a statement.
“[The team have] executed brilliantly to build Kaodim into the regional leader in its category. The business is scaling well across the region and is showing strong marketplace fundamentals,” added Tushar Roy of Square Peg Capital.
Published at Mon, 06 Nov 2017 08:46:00 +0000