KUALA LUMPUR: WhyQ, a digital innovation startup focused on helping micro SMEs (MSME) digitalise their business, has secured an additional RM4.6 million in an extension to their Series A2 funding round.
The extended round was led by Kairos FoodTech Fund of Kairos Capital Group, which has previously invested in Good Meat, Roslin Technologies and Mission Barns. The initial Series A2 round of RM11.8 million closed in 2021 and included Delivery Hero, Chope, Angel Central, and RB Investments.
With this additional funding from the extended Series A2 Round, they plan to continue expanding their digitalisation platform and supporting the growth of small businesses in Singapore and Malaysia. WhyQ will focus on improving their existing products and developing new ones to help small businesses better compete in the digital economy.
WhyQ CEO and Co-founder Varun Saraf said, “Collaborating closely with hawkers in Singapore for the past five years has allowed us to understand the challenges that small business owners face when it comes to digitalisation. Leveraging on our experience partnering with small-scale F&B owner-operators like hawkers, we would like to extend our expertise to now help small business owners in Malaysia to digitalise properly, with simple and free products.
“With key backers and partners such as Kairos, Delivery Hero, Ant Group, Chope, we are in a strong position to lead in the region.”
WhyQ currently powers over 20,000 small businesses in Singapore and Malaysia by providing them with the tools they need to succeed in the digital world. WhyQ offers two free products: an eBiz app (WhyQ EBiz) and a digital bookkeeping app (WhyQ Kira Kira).
WhyQ COO and co-Founder Rishabh Singhvi said, “In Malaysia, small businesses play a crucial role in both the economy and culture. However, they often struggle to find products that cater to their specific needs. This problem has intensified since the pandemic, making it more important than ever for small businesses to adapt to the online world of commerce.
“WhyQ is dedicated to helping merchants do just that, and we are already one of the market leaders in Malaysia. We are closing the digital gap for tens of thousands of merchants and paving the way for a more comprehensive and accessible digital infrastructure.”