Golden Gate Ventures | Venture Capital for Southeast Asia

AI-enabled customer insight app Perx enters Malaysia with fresh funding

Singapore-based customer loyalty startup Perx has raised a strategic round of funding from Malaysia-based RHL Ventures, it was announced today. The amount is undisclosed.

Perx started out as a consumer-facing mobile app for gathering loyalty points from participating businesses. Last year, the startup added a business-to-business component, helping corporate clients with customer engagement and loyalty.

The firm has developed predictive analytics software that uses artificial intelligence to give its clients more insights about their customers. It also helps them provide incentives and loyalty rewards.

Perx raised a “single-digit million dollars” series A round in December 2015 from Golden Gate Ventures and investors like Facebook co-founder Eduardo Saverin.

This latest investment is meant to power Perx’s entry into the Malaysian market.

“Malaysia is one of the strongest economies in Southeast Asia, its GDP per capita the third highest in Southeast Asia,” says Perx CEO Anna Gong. “Its ongoing growth is paving the way for a plethora of businesses emerging in the region, coupled with a rising need for a more customer-centric business approach fueled by technological innovation.”

New beginning

The deal is the first by Kuala Lumpur-based RHL Ventures, an investment vehicle run by partners Rachel Lau, Raja Hamzah Abidin, and Lionel Leong. The investment firm was founded in 2015.

The young firm takes a more hands-on approach to the companies it wants to invest in with a long-term scope for collaboration, Hamzah tells Tech in Asia. It’s looking for sustainable businesses rather than rapid-growth startups. “We have insights into the corporate world, and we want to maximize the value of our investments with them,” he says.

RHL has connections to sectors including property, construction, and healthcare, and hopes to leverage those to help build lasting companies across Southeast Asia. “We’re strongest in Malaysia, so we want to use that as a starting point,” Hamzah says.

The investors are “sector agnostic” but do have sectors to which they feel they can add value through their networks and expertise. Particularly interesting sectors include agriculture, finance, property, technology, and healthcare.

 

Original article appeared on Tech in Asia