Upsizing to support more small retailers

"We hope to revive other areas of the Malaysian economy as well,” says Eatcosys co-founder Tham Lih Chung.

RETAIL tech solutions provider Eatcosys Sdn Bhd has successfully raised RM10mil through an equity crowdfunding (ECF) campaign on Fundnel and a concurrent private placement. This values the company at more than RM100mil.

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.

Eatcosys offers end-to-end retail solutions in areas such as funding, go-to-market support, set-up, incubation, data analysis and supplies procurement. This is done through its investment in a network of solution providers like FoodAdvisor, MyCookingStory, FeedMyGuest, VMO, BoozEat and Malting Point.

“Eatcosys was founded on the belief that retail is the backbone of any economy. This is the right time and opportunity for us to step up and help the retail economy recover and thrive.“With the funds raised, we aim to uplift every aspect of the retail industry, from the small independent business to large enterprises. As a result of this, we hope to revive other areas of the Malaysian economy as well,” says Eatcosys co-founder Tham Lih Chung.

He adds that the additional funds will also go towards enabling the company to seize any promising investment opportunity, particularly to help finance food and beverage and retail operators.

Meanwhile, Kristin Lim, director of investments at Fundnel, says the ECF campaign attracted sizeable attention from investors as the company managed to raise double the targeted amount within a short period of time.This, she notes, signals a promising support for the retail industry.

The homegrown retail and fintech solutions provider also has plans for an initial public offering (IPO) in the near future.

“We have a strong mission of supporting the growth of retailers in Malaysia, and a clear vision of how to do so and we have built up a strong ecosystem to execute this vision. “We want more Malaysians to be able to share in our growth story and, further, the growth of our country.

“The ECF was a first step to that. 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,” says Tham.

He also hopes to continue working with Fundnel to help other small businesses recover economically from the 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,” he says.

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