Singapore-based IT startup Kaddra has announced raising $2.5 million in its seed funding round.
The IT startup’s total seed capital now stands at $5.5 million, allowing the company to accelerate its growth, scale its self-service offering, and bring new ideas to market, per the announcement.
Kaddra’s objective is to assist SMEs in realizing their full digital potential and preparing for the future wave of mobile, IoT, and voice assistant commerce. Kaddra has on-boarded businesses of all sizes in over 20 different sectors across many countries in 2021, the first year of commercialization of its platform, as it plans to grow further into Europe.
Pierre Lorinet, one of Kaddra’s angel investors, said the company has seen significant growth in sign-ups during Q4 2021 and continues to gain pace with new market openings and innovations.
The funding round coincides with Kaddra’s quick growth, which has included a relationship with Indonesia’s largest payment gateway DOKU, entry into the Philippines market, and over 165 percent growth in the last quarter alone, according to the company’s announcement.
The most major obstacle that SMEs have is their inability to retarget clients, which is a problem that current solutions do not address. Through its novel mobile strategy, Kaddra has demonstrated its capacity to increase retargeting, with clients achieving up to 57 percent return customers, 18 percent conversion rates, and over 30 percent incremental revenues using the Kaddra solution.
“In the face of increasing difficulties in navigating the digital transformation, we have brought to market a mobile-first, automated sales and remarketing solution so that SMEs can operate like pros and grow with the resources they already have,” says Quentin Chiarugi, co-founder and CEO of Kaddra.
Kaddra Pte Ltd is a Singapore-based technology firm that provides an all-in-one Loyalty, Mobile Commerce, and Remarketing solution, enabling digital storefronts for businesses across a wide range of industries. It now joins a number of Singapore startups that have raised seed funding in the first month of the year.