18 April 18 The Business Times by JANICE HENG
ZIMPLISTIC, the creator of flatbread-making robot Rotimatic, has signed a US$30 million series C funding round led by private equity fund Credence Partners and EDBI, the investment arm of Singapore's Economic Development Board.
The investment comes after Zimplistic announced US$20 million in revenue in its first year of sales, and its expansion into five new markets: the United Kingdom, Australia, New Zealand, the Middle East and Canada.
The Rotimatic was previously available only in Singapore and the United States.
Zimplistic said the new investment "will be directed towards converting the 25 per cent of the world's population that eats flatbreads into Rotimatic users".
"To date, we have more than 30,000 customers who have made more than 15 million flatbreads," said Zimplistic chief executive officer and co-founder Rishi Irani.
The automated device turns flour, water and oil into flatbreads such as prata, chapati, puri and pizza.
As an Internet of Things (IoT) appliance with online access, it can automatically upgrade itself with software updates - including new recipes - and remote troubleshooting capabilities.
Swee Yeok Chu, EDBI chief executive officer and president, said: "In line with our support of high-growth enterprises, EDBI is delighted to assist Zimplistic in its global expansion plans.
"We will work closely with all stakeholders to nurture this innovative home-grown company in its development of kitchen automation robots with machine intelligence and IoT capabilities."
Founded in 2008, Zimplistic won the 2009 Start-Up@Singapore business plan competition, received angel investment in 2010 and has since gained investors such as NSI Ventures and Robert Bosch Venture Capital.