Evo, a 5-month-old social commerce startup based in Singapore, announced today the closing of a “seven-digit” seed funding from Hong Kong-based investment holding company Bonjour Holdings, Taiwanese startup accelerator SparkLabs, and Singapore-based VC firm Farquhar Venture Capital.
Clement Chen (Chairman of Bonjour), David Lee (Board Member at Maybank Singapore and former President for Visa Asia Pacific), and Chew Kok Seng (Director at Visa Asia Pacific) also participated in the round.
The money will be primarily used to double down on product development and engineering, it said in a press release.
Evo was founded in April 2020 by three former employees of Grab — Roy Ang (CEO), Minghao Teoh (COO), and Amos Goh (Product Lead). The trio has extensive experience in building and launching merchant and payment solutions.
The startup has launched a beta version of its social commerce solution that will help influencers and live-streamers to optimise their back-office operations, allowing them to sell more products and scale more quickly. For merchant and brands looking to engage influencers, the solution will act as a marketing and sales channel.
Currently, Evo is testing its product with marquee live-streamers such as artiste Marcus Chin, as well as Mdada.live, a community run by celebrity hairstylist Addy Lee with artistes Michelle Chia and Pornsak Prajakwit.
Evo has also onboarded Bonjour and Suki Group as its initial customers.
Ang further disclosed that Evo is raising its Series A round within the next six months to scale product development and operations, and expand to two other markets in the region.
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