The closing of their series-b funding co-led by Indonesian Traveloka, and SPH Ventures the venture capital fund set up by Singapore Press Holdings Limited was recently announced by the Singapore based company specialized in near-field communications (NFC) technology.
A sum of US$4M is being speculated to the funding amount as per the information provided by the persons familiar with the deal, however it remains to be disclosed officially.
The Singaporean B2B startup develops NFC technology powered systems such as cashless payment wristband. The technology is widely used for and analytics reporting for event organizers, access control, guest registration, cashless payments, social engagement and activity tracking.
Recently PouchNATION which was founded in 2014; served a number of notable events in the Southeast Asian region including Zoukout and BeerFestAsia in Singapore, Good Vibes in Malaysia, and Sensation in Thailand.
CEO of PouchNATION, Ilya Kravtsov said that this investment deal not only augments the company’s position as the leader in its sector, but it also builds the fundamentals for a broader vision.
The idea is to transition into an all-inclusive entertainment platform, from being just an event and venue service provider. Expansion of the services into cities in Vietnam, Philippines and Indonesia is also being targeted by PouchNATION.
During the interview Kravtsov also said that the focus of PouchNation technology is on offline execution while Traveloka is more on online ticket sales. As part of the partnership, PouchNation and Traveloka’s system will be integrated with the partnership making them Traveloka’s on-ground technology partner.
According to vice-president of revenue and growth at Traveloka Xperience, Sylvia Gunawan, PouchNATION’s progress is impressive and supporting them to evolve further in terms of their product is a matter of pride.
A seven-digit-sum of seed funding from Malaysia’s early-stage venture fund, Cradle Seed Ventures and a group of private Singaporean investors in January 2017 was raised by PouchNATION before this.
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