The funds will be used to scale the e-commerce startup’s current operations, as well as expand the business into new markets across Malaysia and Singapore. A portion of the capital will also go into improving the platform.
Founded in 2016 by Spring Wong (CEO) and his brother Titus Wong, 50Gram has conceptualised something called ‘video bouquet’, wherein it bundles short video recordings together with gifts sent by their customers.
“I started 50Gram to send flowers to my mother with a video attached on the card about 2.5 years ago. I’ve realised that the experience was deeply satisfying for the recipient as it brings back many happy memories. With the skills and values that I’ve brought in along with my partners, we’ve managed to scale 50Gram to become a well-reputable brand in the region,” said Spring Wong, Co-founder of 50Gram.
“I believe the new funding could bring the love. It opens up the opportunity for us to broaden our experiences in many other cities. That being said, more and more people will be able to experience our value,” he added.
According to the Spring, 50Gram attained profitability in its third month of operations. Today, it claims to have surpassed over RM2 million (US$500,000) in annual turnover.
Launched in 2016 by serial entrepreneur and investor Andrew Tan, TBV Capital (earlier known as TinkBig Ventures) is a US$10-million fund that focuses on seed to series A investments across Southeast Asia. “50Gram has built a unique and personalised gifting experience that has made them profitable after just 3 months since establishment. With a injection of new capital, this would greatly enhance the network of gifting experiences across 30 cities nationwide including east Malaysia. Once they have scaled the franchising business model, they will be looking to expand to Indonesia, Singapore, Thailand, and Taiwan by the third quarter of 2019,” said Tan.