Rocket Internet-backed Tinvio bags $5.6m in seed money

Many small and medium-sized merchants today still manage orders with their suppliers through email or phone calls, and invoices and payments continue to be exchanged largely in paper. These make operations very tedious for these business owners, in addition to their lack of access to financing and credit scoring.

Tinvio, an early-stage startup backed by Rocket Internet, digitizes these interactions through its communication and commerce platform that is designed to increase business efficiency and profitability.

Tinvio founder Ajay Gopal / Photo credit: Surge

Tinvio provides a chat-to-order mobile experience that enables users to send messages and orders more easily. The app also generates a digital ledger of all orders, invoices, and issues for real-time monitoring and analysis.

The Singapore-based company said it has secured S$8 million (US$5.6 million) in seed funding to invest in product development and market expansion. The round was led by Sequoia Capital’s accelerator Surge, with Global Founders Capital and Partech Partners as participating investors.

Ajay Gopal, Tinvio’s founder and CEO, told Tech in Asia that the startup plans to add more features such as financial services, workflow integrations, and analytics in the next 12 months. It also plans to enter Australia, Taiwan, and other major cities in Southeast Asia, as well as add support in more languages. Right now, Tinvio has a presence in 10 cities, including Hong Kong.

Gopal founded Tinvio in July 2019 after working with Rocket Internet and serving as a fintech investment banker at Credit Suisse. The startup disclosed that it has grown its customer base to over 1,000 businesses in the last six months, with 50% monthly user growth, 80% cohort retention, and an annualized gross merchandise value of S$50 million (US$35 million).

Amid the ongoing Covid-19 crisis, Tinvio said it has launched a number of initiatives to support local businesses, including the Save Our Nomnoms movement that helps raise awareness for Singapore’s food and beverage brands. It will also continue to invest capital to help businesses go digital during the crisis.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.42.