BEAMSTART Logo

Malaysia's Kravve helps people sell their handmade food online; raises $287k in crowdfunding campaign

Kravve's ECF campaign started in January and has a total of 144 investors today


Malaysia's Kravve helps people sell their handmade food online; raises $287k in crowdfunding campaign | BEAMSTART News

- From our Sponsors -

Kravve, a Malaysian startup on a mission to help people sell their handmade food online, has just raised RM1,162,500 (~$287k) in an equity crowdfunding (ECF) campaign.

The ECF campaign, which launched back in January had a total of 144 investors.

- Featured Sponsor -

Kravve's official website

Kravve wants to become the Etsy for food & groceries

Founded by Yong Lin Tey, Kravve is a digital platform focused on helping micro-sellers sell their handmade food online with ease.

With the goal of becoming the "Etsy for food & groceries", Kravve provides 2 main solutions to their users:

  • A Sales Automation Saas Tool to automate the selling process, allowing sellers to begin selling their products in just 2 simple steps.
  • An online Marketplace (storefront) for customers to discover and purchase handmade food products from sellers.

Kravve's Backing and Numbers

Prior to the crowd-funding campaign, Kravve had over 17,000 paying customers and generated over $500,000 in revenue within an 18-month period.

The company is also backed by SOSV, a San Francisco-based VC firm, and 1337 Ventures, a VC firm from Malaysia.

The team from Kravve. From left: Nic Chong, Teh Yong Lin, Shelley Ho, and Jean Heah

Kravve's Future

Moving forward, Kravve aims to further strengthen their local presence by tapping into the B40 and Muslim markets, as well as expand their services into Singapore.

The company also expects to draw in approximately RM4.8 million (~USD $1.2 million) in turnover for 2021, 3X more than 2020.

- From our Sponsors -

ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

ALSO MENTIONED IN THIS POST



MOX - Mobile Only Accelerator

Enabling mobile innovators from around the world to reach millions of mobile first, mobile only users

Industry:

Opportunities:



Have a company of your own? Create a company profile today and easily find customers, raise funds, or hire talent.

BEAMSTART is a Global Community and News Portal for Entrepreneurship. We cover the latest news and bring together a global network of CEOs/founders, Investors, Business Leaders, and Professionals.

 

Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART. All Rights Reserved (Legal).