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


Alfred Lee

1 Mar, 2021

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

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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.

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.

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Alfred Lee

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

Based in Malaysia

Works at BEAMSTART

Education Not Specified

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