Golden Gate Ventures | Venture Capital for Southeast Asia

Local services platform ServisHero raises $2.7M from Golden Gate Ventures, Cradle

Singapore-based venture capital firm Golden Gate Ventures has led the latest $2.7-million pre-Series A funding in Southeast Asia’s local services marketplace ServisHero, which also announced that it was expanding operations to  Thailand – the third destination following Malaysia and Singapore.

Cradle Seed Ventures, a venture capital fund supported by the Malaysian government, also participated in the round.

Its previous investors include YTL Group, (Interbase Resources Sdn Bhd), and the former COO of Groupon International.

ServisHero offers a tailored marketplace for clients to hire service providers for their home and office needs. Users can make service request via the proprietary mobile app or website and are connected with thousands of local service providers who submit custom quotes to complete a job.

After its launch in June 2015 in Malaysia, it has clocked over 50,000 downloads and claims that it has double digit percentage transaction growth every month.

There are thousands of local service providers using ServisHero app to source new customers. It plans to use the funds to keep up this momentum by expanding into Thailand and other countries in Southeast Asia. To drive the growth in Thailand, it has appointed Noppol Toochinda, who previously worked at Maersk and Procter & Gamble, as country manager.

“During our testing period in Bangkok we saw phenomenal demand for ServisHero, so we are looking forward to cementing ourselves as an indispensable tool for all service providers in Thailand,” Noppol Toochinda cited in the statement.

Thailand has high mobile savvy population especially in its major cities.

“Our entry into Thailand is well-timed with the rapidly increasing demand for solutions that extend beyond the traditional directory,” Karl Loo, CEO and one of ServisHero’s founders, said.

“The maturity of our operational system in Malaysia and Singapore has allowed us to grow rapidly – we wanted to introduce our service to Thailand which experiences similar problems to Malaysia when it comes to price, quality and transparency for local services”.

Founded by Karl Loo (CEO), Jason Kang (CFO) and Paul Copplestone (CTO) in 2015, ServisHero, the trading name of Business Pixel Sdn Bhd, has become the largest and fastest growing local services marketplace app in South East Asia.

Original article by Chalida Ekvitthayavechnukul, Deal Street Asia