Obor Capital, a leading venture capital fund, has signed an early-stage equity fundraising deal with Delishop.asia, an online supermarket.
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The deal could transform online shopping in Cambodia.
The investment includes fresh capital injection and the acquisition of secondary shares. Funds raised will be used to develop a more user-centric and scalable web portal, as well as Android and iOS apps, which are scheduled to be launched by the end of the year.
Delishop.asia prides itself on being the leading Cambodian online supermarket, providing fast delivery of grocery products, food and beverages, cosmetics and other fast-moving consumer goods.
With more than 8,000 products from more than 40 suppliers, Delishop.asia is the largest platform in this space.
Delishop.asia will also invest in the development of backend technologies for supply-chain management. Additionally, funds will be used to purchase new motorcycles and to cover driver-training programmes as Delishop.asia scales its business within Phnom Penh and towards new frontiers in Cambodia.
Obor Capital’s portfolio company, CamboTicket, has also acquired a minority stake in the business. As part of the deal, Obor Capital and CamboTicket will provide strategic support to Delishop.asia in some key functional areas.
“We were impressed by Delishop’s execution and its obsession towards customers’ satisfaction,” said Christophe Forsinetti, chairman of Obor Capital.
“We believe the sector has strong potential and is ripe for disruption. We are very excited to be on-board and will be working closely with Delishop’s team to build synergies with our existing projects and scale the business aggressively over the coming period.
“Obor Capital takes a long-term and holistic approach while assessing startups for investments. Given the early stage of development in our focus markets – Cambodia, Laos and Myanmar – most of the sectors are still very unorganised and fragmented, presenting opportunities for professionally run companies to quickly gain market share and consolidate the sector they are in.
“Having said that, we prefer to invest in companies in which at least one of our partners can bring in sector expertise. At the same time, we look for startups where there are potential synergies with our other investees or related companies.”
Mr Forsinetti noted that Obor Capital works closely with startups, mentoring founders, helping them refine strategies, and giving them access to the firm’s network. Their goal is to ensure entities are properly governed before the next fundraising round.
Julien Nguyen, CEO and founder of Delishop.asia, said he is very excited to partner with Obor Capital for its next phase of growth.
“The funds will be used to strengthen our team, offer more top quality products and improve user experience,” he said. “Obor Capital’s hands-on approach towards its investments is what we are looking for in an investor at this stage of our company’s lifecycle.”