Malaysia’s Delivereat raises $450,000 funding

Malaysian food delivery company Delivereat has raised an RM2m (US$450,000) pre-series A funding round led by Gobi MAVCAP’s ASEAN Superseed Fund. Delivereat was founded in 2012 and currently only operates in Penang, but it plans to use the new funds to expand its services to other Malaysian cities.

“This is not a new business model with some new age technology, but it is driven more by the team behind the brand’s ability to execute their plans,” said Victor Chua, Gobi Partners’ Vice President of Investment in ASEAN.

“We definitely like how the team is running the business and we believe that Delivereat will continue to innovate with the vision to be profitable. Our investment exposure in the food sector will be a pillar of support for the company’s expansion into new cities.”