2706/2019 – The Singapore based company specialized in near-field communications (NFC) technology announces the closing of their series-b funding co-led by Indonesian Traveloka, and SPH Ventures the venture capital fund set up by Singapore Press Holdings Limited.
The fund amount was undisclosed but persons familiar with the deal reveals that the funding amount is close to US$4M.
The Singaporean B2B startup develops NFC technology powered systems such as cashless payment wristband. The technology is widely used for guest registration, cashless payments, access control, activity tracking, social engagement and analytics reporting for event organizers.
Established in 2014, PouchNATION has recently served a number of notable events in the Southeast Asian region including Zoukout and BeerFestAsia in Singapore, Good Vibes in Malaysia, and Sensation in Thailand.
“This investment deal augments PouchNATION’s position as the leader in its sector, but also builds the fundamentals for a broader vision,” said Ilya Kravtsov, CEO of PouchNATION.
The tech firm is looking to transition from an event and venue service provider to an all-inclusive entertainment platform, and expand its service into more cities in Indonesia, Vietnam, and the Philippines.
Kravtsov further supplied during an interview, “PouchNation technology is focusing on offline execution while Traveloka is more on online ticket sales. As part of the partnership, PouchNation and Traveloka’s system will be integrated and we will be Traveloka’s on-ground technology partner,”
Sylvia Gunawan, vice-president of revenue and growth at Traveloka Xperience, said: “We were impressed with the progress they have achieved so far in disrupting the entertainment industry and are very proud to support the PouchNATION team to further evolve their product by leveraging the synergies with Traveloka’s key business – to provide an end-to-end solution for travel and lifestyle needs.”
PouchNATION last raised a seven-digit-sum of seed funding from Malaysia’s early-stage venture fund, Cradle Seed Ventures and a group of private Singaporean investors in January 2017.
This news is published on Reuters.