Dropee, a Malaysian wholesale B2B startup, has closed its Series A funding round – Wired PR Lifestyle Story

Malaysian B2B Wholesale Launcher Dropee announced that it has completed a round of US $ 7 million round A, with a combination of new investors and existing equity and debt investments.

The current round of financing is led by returning investor Vynn Capital and welcomes new investors from HCL Capital, Resolution Ventures and LKF Capital, as well as other uninformed new investors, along with Brama One Ventures.

Launched in 2016, Dropee has grown from helping SMEs adopt digital solutions to providing loan and financing services.

To date, more than 80,000 SMEs have acquired wholesale inventories in their market, with a transaction value of more than $ 100 million annually. The market currently operates throughout Malaysia, Singapore and Indonesia.

Lennise Ng, founder and CEO of Dropee, said in a press release: “With this round of Series A, we are doubling our support for local micro and small businesses to adopt digital solutions so that they can reduce operating costs. More access to financial support , and increase the duration of business ”.

The funding will also be used to accelerate the supply of financial products to wholesalers and retailers over the next 12 months.

So far, the Dropee group has said they have made significant strides in their credit financing portfolios over the past year and are ready to scale up their offerings by working with strategic partners, regional banks and non-bank financial institutions.

3 key tips for startups looking for funding

Dropee’s last round of financing was in July 2020, when the company raised $ 1.3 million. A few months earlier, it had become Malaysia’s second startup to join the coveted Y Combinator also the accelerator program.

Before all that, in January 2019, he announced a $ 350,000 seed round.

Speaking to Vulcan Post, Lennise shared 3 tips when it comes to successfully seeking funding through experience.

First of all, quality is more than quantity. “It’s always better to find 100 customers who love your product than 1,000 customers who like it,” he said.

But how is it measured? Customer spending (paying for your product / service), spending time using your product / service, and your social equity (the number of actions and recommendations people make about your offer).

Once you know these measures, you will be much more confident when it comes to presenting them to investors. But he also disagrees with the perception that there is a “perfect time” to do anything.

“You’re never 100% ready, you’re talking to investors or customers. It’s just a matter of doing the right thing, ”he said.

Most importantly, however, “Always build trust. Remember how big or small your business is, remember that asking people (VC, team, customers, etc.) to grow next to you requires trust.”

“Make an effort to build trust, listen often and always communicate and act honestly,” he concluded.

• You can read our previous coverage on Dropee here.

Featured Image Credit: Dropee