Singapore enterprise SaaS startup banks $4.6m in Insignia-led round

Singapore-based enterprise software-as-a-service (SaaS) solutions startup Nimbly Technologies said it secured US$4.6 million in a pre-series A round led by Insignia Ventures Partners.

Sovereign’s Capital and Saison Capital also participated in the fundraise, which brings Nimbly’s total raised capital to US$5.7 million, according to a statement.

The Nimbly team / Photo credit: Nimbly Technologies

Nimbly provides a mobile SaaS solution that aims to improve companies’ operating efficiencies by automating workflow. Since being founded in 2018, its platform has grown to include enterprise-level operations solutions that supports companies such as Kopi Kenangan, KFC, 7-Eleven, and Under Armour.

The startup plans to use the fresh capital to speed up its growth in more markets in Southeast Asia. Its current clients hail from Indonesia, Singapore, Malaysia, and the US, it said in the statement.

“SaaS enterprise is an emerging vertical in Southeast Asia with more businesses of all sizes and across industries seeking to transition and even upgrade their capabilities to software tools,” said Insignia Ventures Partners’ founding managing partner Yinglan Tan.

According to a Forbes report, the indirect costs of poor operations execution of a thriving company can make up to 10% to 15% of its sales revenue. In Southeast Asia’s food and beverage industry alone, this would amount to about US$12 billion to US$18 billion.