In brief: Malaysian dropshipping startup lands equity funding from Cradle Fund

Kumoten, a Malaysia-based tech startup, has closed a round of pre-series A equity funding led by government-backed agency Cradle Fund. It claims to be the largest homegrown dropshipping platform, with more than 100,000 stock keeping units in its catalog.

Source: Press release

CommerceAsia, which invested in Kumoten at seed stage in 2017, also participated in this round.

Kumoten will use the undisclosed capital to acquire talent and expand its research and development team. It’s also planning to broaden its footprint in Southeast Asia by launching local dropshipping sites in Indonesia, Thailand, and the Philippines.