Wavemaker Partners leads first external round of Singapore’s Meiro

The Meiro team / Photo credit: Meiro

Meiro, a Singapore-based customer data platform, has secured US$3 million in a pre-series A round, marking its first external raise.

Wavemaker Partners led the round, with Singapore-based angel investment network Angel Central also participating, Meiro said in a statement.

The startup integrates user data from various sources, including social media platforms and websites, to establish a unified database. This is then employed to construct an identity graph, enabling its clients to formulate personalized marketing strategies.

Since it was founded in 2018, Meiro has relied on internal funding, with its founders investing about US$740,000 from Datadriven, a consulting firm they also started.

The founders previously mentioned to Tech in Asia that securing an investor would not have contributed value to their venture during the company’s earlier days. Meiro has also managed to achieve and maintain its profitability since 2019.

However, the latest funds will help the firm expand further as it aims to increase its presence in Southeast Asia and Europe. It also wants to enter the Middle East, opening a branch in Dubai by 2024.

The startup also aims to double its annual revenue and expand its team from 50 to 70 members. Moreover, its 2024 plans include incorporating genAI tech into its platform.

“While we have always been self-sufficient, this investment will help us address market demand, accelerate the development of our product and business, and strengthen our presence in the international markets while we have a competitive advantage,” said Meiro CEO and co-founder Jana Marlé-Zizková.

In 2022, the company’s operating profit grew by 13%, reaching some US$150,000. At the same time, its revenue increased by 60%, totaling US$2 million.

See also: Profitable SG data startup banked on founders’ previous firm for funds