Jakarta, Indonesia and Kuala Lumpur, Malaysia, April 26, 2022 /PRNewswire/ — Zing Ventures (“ZING”), a digital foodhall operator and food technology company, has obtained its $10 million First Series A funding round investor in Tisana Ventures. The funds will be used to drive the group’s aggressive regional expansion plan, starting with growing its existing footprint in Malaysiaincoming Singapore by the fourth quarter of 2022 and entering the Indonesian market in 2023.
With the pandemic accelerating digitalization and influencing food consumption behaviors, the food delivery, cloud cooking, and digital catering segments have grown exponentially. ZING’s unique business model is a game changer for the F&B industry.
ZING’s digital foodhalls are a hybrid of a foodhall and a delivery kitchen that enable F&B brands to thrive in today’s increasingly virtual and digital marketplace. Offering both a physical and virtual marketplace, combined with multi-brand delivery kitchens and catering solutions, F&B brands, via ZING, can leverage both the growing demand for delivery and multi-brand catering experiences for consumers. clients.
Zing Co-Founder and Chief Financial Officer Ehon Chew said, “Our innovative approach has proven effective in addressing market challenges that prevent foodservice businesses from unlocking their full potential. ZING’s industry-leading ecosystem and custom turnkey solutions can help restaurant brands overcome conventional expansion challenges. and thrive, locally and soon internationally, without the need for exorbitant capital expenditure.”
ZING is firmly established in the Malaysian market with ten (10) digital foodhalls in operation and 16 more under development across three (3) main brands – My Virtual Foodhall, TasteHere and United States of food; each digital foodhall is home to up to 40 virtual restaurant brands. This new injection of funds will increase ZING’s influence in the regional F&B landscape while providing a distinctive experience.
Currently, ZING works with more than 40 F&B partner brands, including Nathan’s Famous, the world famous hot dog brand with a 100-year history; Cold Stone Creamery, the famous American ice cream chain; Majapahit, a renowned restaurant chain in Malaysia; Chagée, the artisanal tea room concept of China; Tail & Fin, the Poke sensation of Vegas; Goobne, the #1 oven-roasted chicken concept in South Korea, and Union Artisan Coffee, a renowned coffeehouse chain in Malaysia.
Highlighting ZING’s strategic use of technology to elevate F&B brands, Dr. Koh Wee Lit, Co-Founder and CTO of Zing, explained, “F&B has always been data-rich and information-poor. By applying ZING’s advanced data mining techniques, brands can better understand their customers, amplify positive customer experiences, and raise the bar for customer satisfaction; a win-win for consumers and brands.”
“Ultimately, what sets ZING apart is that our technology is woven into the DNA of our operations. Together, the ZING team has nearly 200 years of combined experience in not just technology development, but also in operating F&B brands across the globe,” added Dr Koh. .
The Series A funding will be strategically led by Tisana Ventures, the family office of famed technopreneur and oil and gas (O&G) entrepreneur, Mr. Zainal Abidin Abdul Jalil. Zainal has an impressive history serving ExxonMobil’s global operations before leading Malakoff, an independent power producer. Zainal currently serves as a board member of Dagang Nexchange Berhad (DNex), a technology and energy service provider in Malaysia. He helped make DNex (formerly known as Time Engineering Berhad) the behemoth it is today.
“I believe that technology South East Asia is finally getting its time in the spotlight – as evidenced recently by gigantic announcements from Grab and GoTo. On the fintech and foodtech fronts, I think we’re only just beginning to see the potential for these segments to take center stage. With ZING and their new approach to virtual and physical growth of F&B brands, we believe their potential is high and in the long run they could even achieve similar success on a global scale. Our group’s investment in ZING reflects this confidence and aligns synergistically with the rest of our diversified portfolio,” commented Zainal.
Crowe Growth Consulting, a member firm of Crowe Global, is the deal manager for the funding rounds. This new funding round follows a successful pre-Series A round that concluded in mid-2021. The pre-Series A investments were made by The Longfort Group, a regional private equity firm, among other investors.
SOURCEZing Ventures Pte Ltd