Qraved Sealed $1,3 Million from Convergence Accel and M&Y Growth Partners
Adjie Priambada - 27 November 2014
A $1,3 million (around Rp 15 billion) funding is given out by M&Y Growth Partner and investment company Convergence Accel, which indeed focuses on Indonesian startups, to the restaurant reservation service provider Qraved. The sum is to be spent on local expansion and new products development.
Not so long ago, the startup had also flawlesslly sealed an undisclosed seed funding from a group of investors, including Rebright Partners, Silicon Valley’s famous 500 Startups, and Toivo Annus (Skype’s co-founder). Having been around since last August in Indonesia, Qraved claims that it has added more than 3000 restaurants, 1500 of them are located in Jakarta, into their huge database.
FYI, Convergence Accel’s Managing Partner Adrian Li is one of Qraved’s founders. The funding becomes the company’s second investment after the first one given to the Female Daily Network.
Qraved’s CEO Steven Kim stated in his press release, “Qraved’s vision is to give the best out of dining anytime and everywhere. In accordance, we facilitate our partnering restaurants to promote their business as well as encourage the growth of the F&B (Food and Beverage) industry.”
“We believe that there is a big chance for us to identify the relevant F&B business model for Indonesian market and its growth. Since Indonesia has the most significant smartphone usage growth in Southeast Asia, we do anticipate the huge potential that the new Qraved app may have,” Kim added.
As part to Qraved’s attempts to upgrade its services, the team has launched a mobile app last January 2014, along with its bonus points program which was aimed to attract more users. Currently, the app has been compatible with iOS and Android.
By this coming December, Qraved expects to expand its services to Bali with 1000 first partnering restaurants baing added to its database. The startup wishes that the number of registered restaurants will get doubled by the end of this year, and the services would be established in every main city in Indonesia in early 2015.