Brief: Point-of-sale system for restaurants eats up 6-figure round

Reza Razali, CEO and co-founder of Slurp. Photo credit: Slurp.

Slurp is a cloud-based point-of-sale (POS) system for food and beverage retailers in Malaysia. Since its launch in 2014, the startup has evolved from providing POS hardware and software to offering expanded business solutions for F&B operations. These solutions include inventory management, data analytics to monitor performance, and an open API, which allows F&B retailers to connect to various partners.

Competitors: iChef , Toast , Xilnex, Ebizu, StoreHub, Sispos, Revel, Lightspeed

How it compares to competitors: While some local POS players focus on offering a one-size-fits-all product, Slurp aims to cater only to the F&B retail outlets, in effect allowing it to offer more tailor-made solutions.

Traction

More than 500 F&B outlets in various cities in Malaysia have used Slurp. The startup claims to have a user retention rate of 80 percent.

Funding details

Amount raised: US$582,000
Funding stage: Series A
Lead investor: Axiata Digital Innovation Fund, which is managed by Intres Capital Partners Sdn. Bhd.
Investment type: Equity
Purpose: To accelerate growth for the firm’s mobile point-of-sale system in Malaysia
Total disclosed funding to date: US$582,000

Converted from Malaysian ringgit. US$1 = RM 4.3.