KUALA LUMPUR, 6 May 2021: Lapasar, a B2B wholesale-tech company based in Kuala Lumpur led by Thinesh Kumar, Lakshmandas, Dannis Raj & Noomi Fessler. With a dynamic and diverse team of 70, Lapasar has recently raised 7.5mil from NEXEA’s Angel Investors, Family Offices, and Corporate Investors such as shopper360 Limited who led the round. Other co-investors include PitchIn and individual investors.
Ben Lim, Managing Partner at venture capital firm NEXEA shared: “Lapasar has been a very strong team in a huge market from day one. NEXEA and our investors are very confident in their execution capabilities, hence our 4th round of investments into Lapasar”.
Lapasar started entering the FMCG wholesale market only in June 2020 which has helped the company grow 172% Y-o-Y and above 100x since their first funding round. Their growth has been unaffected by the pandemic and they see a lot more growth in the future given they have only begun to set a small footprint in their huge target market. Lapasar has ambitions to become the largest wholesale platform in the country by 2025 targeting above RM 2 billion revenues and the largest distribution and financial services capabilities for retailers in the country.
With regards to how NEXEA has been more than just an investor, Founder and CEO, Thinesh Kumar said: “NEXEA has been on our journey since day one. Funding us the first RM50k via the Watchtower & Friends/NEXEA Accelerator when we were merely an idea to give us clients and follow on funding. The mentors are people who have gone through the grind so when times are tough, speaking to them calms our nerves and allows us to focus on objective-driven solutions”.
NEXEA is an early-stage venture capital firm supporting and funding high growth tech Startups in Malaysia and Southeast Asia. They bring angel investors, family offices and corporate investors to strong Startups to support them in becoming potential unicorns.
“Lapasar will be using this round of fundraising to accelerate our growth for our wholesale business. We are targeting to serve 10,000 grocery stores, restaurants and hawker stalls over the next 24 months with extensive distribution capabilities by rolling out our mobile application- Lapasar-Borong. We aim to be the go-to mobile app for retailers to source and buy their FMCG goods at consistently low prices, delivered within 48 hours for free. Lapasar is also beginning to explore lines of credits with partners for the shops as a source of income which has shown early promise and will continue to expand on that as well.” is Thinesh’s approach on using the funding he has received.
For Tech startups looking for funding, visit www.nexea.co
About NEXEA:
NEXEA is a Malaysian Venture Capital and Startup Accelerator firm that specializes in supporting and funding technology companies that have the potential to be the next technology giants. NEXEA also has services for investors and corporations that want to invest or work with future technology giants.
NEXEA is known for its mentors who are successful ex-entrepreneurs, or C-levels who own or have sold (IPO, M&A) their businesses. The combination of experienced mentors, experts, and partners prove potent as the top companies out of 35+ startups invested by NEXEA have grown 3 to 16 times per year. NEXEA is based in Bandar Sunway, Selangor. For more information, visit us at www.nexea.co. | NEXEA Press Kit | Visit LAPASAR at lapasar.com
