Malaysia’s B2B platform Lapasar secures US$500K seed funding led by SeedPlus

Thu Jul 11, 2019 - 9:46am UTC
Lapasar 2

Lapasar 1

11/07/2019 – The company Lapasar announced today a US$500K seed funding round led by Singaporean venture capital firm SeedPlus.

According to the announcement, Kuala Lumpur-based Angel-VC investment firm NEXEA also participated in the round.

Lapasar aims to revolutionize corporate procurement by connecting corporate clients with products and service suppliers across Malaysia. Through its digital platform, Lapasar provides an all integrated service including workflow management, transaction management, and document management.

Following the injection of fresh funds, Lapasar will be supporting its product development efforts to further automate ordering and Request for Quotation (RFQ) processes, and also its business development activities.

“In the past twelve months, Lapasar has been experiencing an impressive transaction growth of over 20 times. Currently, our platform already has a database of over 10,000 suppliers of products and services from all over Malaysia,” said Thinesh Kumar, Founder and CEO of Lapasar.

He added, “These responses give us confidence to accelerate our growth further. We are certainly grateful to have esteemed investors including SeedPlus who back us in this journey.”

SeedPlus partner Tiang Lim Foo said in a statement that they are expecting the supply chain sector in Malaysia and wider Southeast Asia region to grow strongly in the next 5 to 10 years.

He further supplied, “One of the core tenets that enables growth is greater efficiency and transparency for B2B and enterprise workflows. We think that Thinesh and his team at Lapasar have created a unique platform positioned to leverage growth tailwinds.

“Most importantly, we have been blown away by their learning agility and laser focus on customers, which were evident during our interactions with the team while they were part of Project Alpha, our pre-seed startup catalyst program organized in conjunction with Amazon Web Services.”

Lapasar’s clients include Malaysia Airports Holding Bhd (MAHB), Telekom Malaysia, and Tenaga Nasional Bhd.

“In Malaysia, to accelerate e-commerce growth, government interventions such as accelerating seller onboarding and adoption of e-procurement have been key focus areas. We hope to work closer with government initiatives to support this with Lapasar,” concluded Thinesh.

This news is published on Reuters.

Lo Jia Thong is a writer that writes about the latest announcements on venture capitals and startups from Southeast Asian countries.