ChocoCRM, a Thailand-based customer relationship management (CRM) and point-of-sale services provider, has bagged $8 million in a Series C funding round led by Tokyo-listed software giant TechMatrix, according to an announcement on Tuesday.
The round was participated by the public-private venture capital project InnoSpace Thailand, while Krungsri Finnovate, a long-time backer, participated through the Finnoventure Private Equity Trust I fund.
The startup plans to spend the new capital on developing its customer data platform (CDP) with the adoption of artificial intelligence and machine learning. The CDP is a marketing tool and database for customer insights catering to small and medium enterprises (SMEs) and corporate clients.
TechMatrix, a new investor, will help ChocoCRM with data and system linkage for enhanced services and assist its clients with information for their marketing, customer support, and management team divisions.
In addition to the platform’s presence in Thailand, the partners are looking to expand their footprint in other parts of Southeast Asia.
“We will together focus on linking the CRM FastSeries from TechMatrix and CDP from our side, in order to make a platform that can respond to both SMEs and Corporate clients in the new era where businesses need to provide the best Customer Experience (CX) to their clients…” said ChocoCRM’s CEO and co-founder Sirasit Suriyapattanapong.
Krungsri Finnovate has backed ChocoCRM in three consecutive rounds since its Series A+ fundraising in 2019 and its $2.6 million Series B round where it was the lead investor together with local venture capitalists InVent and N-Vest.
Founded in 2019, InnoSpace is Thailand’s first national startup platform, which was funded by a variety of government agencies, state enterprises, private conglomerates, and financial and educational institutions with a current capital of $19 million as of May 2020.