Kaodim Co-founders Jeffri Cheong (left) and Choong Fui Yu (right)
Malaysia-based service marketplace Kaodim announced today that they have raised a US$4 million Series A round led by Venturra Capital.
The round includes BEENEXT, 500 Startups and East Ventures, and adds to Kaodim’s US$550,000 seed funding in February this year.
Kaodim, which launched in November 2014, matches users on its web and mobile apps with vetted and verified service providers such as plumbers, cleaners, electricians and photographers. Users can either compare prices or get premium service providers on demand.
“As of February 2015, even before the first seed funds came in, the Gross Merchandise Volume (GMV) was touching US$10 million. With [the Series A round of] US$4 million, we expect our GMV and the number of requests we process to grow significantly, fulfilling Kaodim’s mission of helping local businesses thrive,” said Jeffri Cheong, Managing Director and Co-founder of Kaodim.
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Already operating in Kuala Lumpur, Penang and Johor in Malaysia, Manila in the Philippines, and Singapore, the company will use the funding to expand to other major Southeast Asian cities.
“We truly believe that Kaodim is the right team to scale this business to great heights in the region. They’ve achieved a lot in a short time with very little expenditure. We are really excited about what lies ahead,” said Stefan Jung, Managing Partner of Venturra Capital.
Kaodim will also expand its product offerings to include other services in the home, lifestyle, wellness, education and business categories. All these in a bid to stay ahead of the competition with players such as ServisHero in its home market as well as Seekmi in the as yet unventured market of Indonesia.
“Over the last 12 months, we’ve built a tech, operations and marketing infrastructure that allows us to scale into new cities quickly and effectively. This funding round will help maintain our lead in the region,” said Kaodim Co-founder and CEO Choong Fui Yu.
Kaodim, which means ‘job done’ in Cantonese, has made localisation a key part of its business strategy, reflected in its branding in different markets. For example, it calls itself Gawin, which means ‘do it’ in Tagalog, in the Philippines.
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