Queenspree, a Malaysia-based eCommerce retailer has gained a US$120,000 (RM500,000) grant below the Skim Permulaan Usahawan Bumiputera (SUPERB) programme provided by Unit Peneraju Agenda Bumiputera (TERAJU).
Queenspree is a web-based retailer of kitchen furnishing merchandise that leverages on know-how and processes to create a handy and carefree on-line purchasing expertise. This contains an on-demand supply processing system, the place Queenspree.com is ready to calculate the price of point-to-point supply primarily based on distance, and prospects are capable of choose their most well-liked supply time upon checkout. Queenspree additionally invested in integrating all its social media messaging channels into one Buyer Relationship Administration (CRM) platform, enabling their staff of product consultants to offer quick and dependable end-to-end assist for purchasers.
Cofounded by Abdul Rahman Md Din and Rafiza Abd Hamid in July 2019, Queenspree goals to place itself as a one-stop centre for prime quality, native and worldwide kitchen furnishing merchandise. It took an enormous step in direction of this aim in October 2021 with the signing of a memorandum of understanding (MoU) of provide with an Italian firm primarily based in Milan to on-board extra European kitchenware manufacturers on its eCommerce platform, with the aim of accelerating European commerce to €2 million (RM9.5 million) over the subsequent 24 months.
The Very good programme is a enterprise pitching competitors organised by Teraju, a unit in Malaysia’s Prime Minister’s Division that goals to spearhead and coordinate participation of the nation’s Malay and indigenous inhabitants within the nationwide economic system. In accordance with Teraju, there have been 800 candidates that signed up for the programme, 150 of which had been shortlisted to bear a 6-week accelerator bootcamp. On the finish of the programme, 60 finalists had been evaluated by a panel of knowledgeable judges by way of a two-day last pitching session and 23 individuals emerged as winners of the programme.
Queenspree beforehand secured funding amounting to RM460,000 from angel buyers in December 2019 and March 2021 respectively. Because the first spherical of funding in December 2019, Queenspree has managed to extend shareholder worth by 3.5 occasions primarily based on its audited monetary statements for the monetary 12 months 2020.
Queenspree co-founder and chief government officer Abdul Rahman says the Very good grant comes at an opportune time because the startup is now specializing in increasing its vary of merchandise and enhancing its information evaluation capabilities. Abdul Rahman added that a big portion of the Very good grant might be used to onboard extra manufacturers on Queenspree’s eCommerce platform, with the remaining to be invested in growing and launching a high-converting cellular commerce app as a part of Queenspree’s steady effort to enhance buyer expertise.
Co-founder and chief monetary officer, Rafiza says that past the grant’s financial worth, Queenspree can even profit enormously from the assist ecosystem that Teraju and different collaborating companies present all through this significant section of the corporate’s development. “The assist is of large worth to us as we begin to broaden past Malaysia’s shores. With the assistance of Malaysia Exterior Commerce Improvement Company (MATRADE) and different entities facilitated by Teraju, we’re evaluating route-to-market methods for international locations like Indonesia and Brunei with plans to finish the analysis by quarter one 2022.”
Queenspree has been awarded the SME and Entrepreneurs Enterprise Awards (SEBA) 2021, incomes the Quick-Rising SME Award — Most Promising in Retail e-Commerce. SEBA is an neutral, impartial and goal enterprise awards that has uncovered and recognised deserving small-and medium-sized enterprises (SMEs), and entrepreneurs in Southeast Asia. It’s organised yearly by the Entrepreneurship Basis Malaysia and supported by the Entrepreneur Improvement and Cooperatives Ministry.
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