Decentralised digital document and workflow management platform Dedoco, has raised US$3 million from True Global Ventures 4 Plus Fund.
To date, Dedoco has raised a total of US$7.5 million.
The Singapore-based startup managed to raise US$2.5 million in a seed funding round led by Vertex Ventures Southeast Asia early July 2021.
Background of Dedoco
- Dedoco was founded in 2020 by Daphne Ng and Dr. Ernie Teo.
- The startup aims to transform how companies manage digital workflows using a decentralised approach which means increased data privacy and document security.
- With the decentralised setup, it overcomes the risk of fraud, unauthorised signatures, and non-compliance.
- Last April, Dedoco partnered Funding Societies, small and medium enterprises (SME) digital financing platform to enable SME's customers in Singapore to sign loan contracts via Singapore's digital signing service, Sign with Singpass.
- Dedoco has more than 150 clients and partners including government organisations, financial institutions, real estate companies, and technology platforms.
What's Next for Dedoco
- With the freshly raised funds, the company is looking to enter new markets, including the US, this year.
- Besides Singapore, Dedoco is currently operating in Australia, Malaysia, and Thailand.
- Co-founder and chief executive officer of Dedoco, Daphne Ng mentioned that the biggest challenge for its global expansion is understanding the new markets.
- Ng added that finding the right team members would definitely optimise investment spent on "correct go-to-market strategy" in each market.
- Dedoco also aims to grow its client base by up to 4x by the end of 2022.
