Malaysian F&B, retail tech firm’s crowdfunding helps it reach $24m value

Eatcosys, a Malaysia-based food and beverage (F&B) and retail tech platform, hit 100 million ringgit (US$24 million) in value after securing 10 million ringgit (US$2.4 million) through equity crowdfunding (ECF) platform Fundnel and a private placement.

The ECF contributed 3 million ringgit (US$721,500) to the fundraise, while the remaining 7 million ringgit (US$1.7 million) came from the private sale.

Eatcosys co-founder Tham Lih Chung / Photo credit: Tham Lih Chung

Eatcosys provides digital solutions for the management of brands’ business lifecycles through its platform. Some of its services include web page framework, crowdfunding, management for engagement purposes, and incubation in terms of development.

The tech firm also operates various F&B and retail platforms like FoodAdvisor, MyCookingStory, FeedMyGuest, VMO, Boozeat, and Malting Point.

The fresh funding will be used for tech development, though Eatcosys has reserved some of the funds for future fintech investments, the company said in a statement.

“With the funds raised, we aim to uplift every aspect of the retail industry, from the small independent businesses to large enterprises. As a result of this, we hope to revive other areas of the Malaysian economy as well,” said Tham Lih Chung, co-founder of Eatcosys.

He added that crowdfunding was the company’s “first step” as the firm plans to list on Malaysia’s ACE Market in the near future.

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.16 ringgit.