Malaysia-based restaurant reservation platform TableApp has secured MYR 250,000 (US$78,000) in seed investment from Singapore-based Crystal Horse Investments (CHI) and angel investor Hanson Toh, reported Digital News Asia.
Having started in Kuala Lumpur, TableApp will use the funds to expand into Penang and Johor — both of which are states within Malaysia — and to grow its business development team and boost marketing efforts.
Benson Chang, Co-founder, TableApp told e27 that the company’s expansion into Penang and Johor will officially take place in two months and four months time respectively.
In terms of partners, TableApp has the support of more than 90 restaurants in the Klang Valley. Its web platform sees an average of more than 40,000 unique visitors every month. Its mobile apps, available on iOS and Android devices, have snagged more than 15,000 downloads. Altogether, there are more than 30,000 registered users on the booking platform.
Michiel Wind, CEO, CHI, added that the decision to invest in Tableapp “fits in very nicely with (their) Malaysian digital strategy.” Other Malaysian startups in the venture capital firm’s portfolio include food delivery website DeliverEat and e-commerce website MilkADeal.
Chang added that he is looking to fundraise US$1 million for regional expansion efforts. His top three choices are Manila, the Philippines; Bangkok, Thailand; and Jakarta, Indonesia. However, these plans will take some time. “I need to conquer Malaysia first,” he said.