Singapore-based technology startup Lanturn has raised around $3 million in its seed funding round to further develop its technology and also to add to its workforce, media reports said.
The funding round for Lanturn was led by East Ventures and CoCoon Ignite Ventures.
Other investors that also participated in the round include individual investors Alex Turnbull, RVP Equity managing partner Saki Georgiadis, Meiyen Tan, the head of Oon & Bazul’s restructuring and insolvency practice, White & Case Asia-Pacific partner Chris Kelly and Next Billion Ventures venture partner Tiang Lim Foo.
With regard to the investment in Lanturn, East Ventures managing partner and co-founder Batara Eto said in a statement, “We are pleased to support solutions that enable agility and adaptability among businesses, especially in the wake of the pandemic, and Lanturn provides that by leveraging technology to streamline corporate services and empower businesses to make more informed data-driven decisions.”
Lanturn’s services allow its clients to automate their administrative work such as bookkeeping. It’s clients include mostly small and medium-sized enterprises (SMEs) and startups that can’t afford to hire enough manpower to carry out all of its administrative services manually and in a smooth manner.
According to Lanturn, it currently has nearly 400 clients. It focuses on startups and SMEs, acting as a ‘one-stop online corporate services’ solution.
A recent report by PwC revealed that the first half of 2020 saw tech startups in Singapore raise $2.4billion in funding.
Singapore’s startup funding jumped to a record $7.3 billion in 2018, however, it dropped to $4.75 billion in 2019. The current year proves to be resilient, despite the pandemic.