Bindo Raises $1.8M For Asian Expansion
Online to offline (OTO) retail start-up Bindo has just taken in $1.8 million is an oversubscribed seed funding round. The company offers an iPad Point of Sale (POS), or checkout system that allows merchants to manage inventory and customer relationships through a cloud-based payment platform.
Since the data is stored in Bindo’s cloud, merchants are given one-click functionality to launch their entire store online onto web and mobile. The company is also developing a commerce platform called Bindo Marketplace. This new location will help consumers shop at neighborhood stores online. Consumers in Hong Kong and SE Asia will now be able to move on the act, as the platform is now funded for an international jump.
“The decision to come to Asia was easy,” Jason Ngan, co-founder of Bindo and a native of Hong Kong told The Wall Street Journal. “Asia e-commerce will exceed half a trillion U.S. dollars by year end. There’s a transformation from a ‘savings’ mentality to a ‘consumer’ mentality, and a rapidly growing middle class that’s becoming more mobile and tech-savvy not to mention a huge talent pool of developers.”
Bindo has already opened up its Hong Kong office, with plans to set up a Singapore location later this year.
Since launching in beta in March this year, the company says it has processed US$40 million in orders and has 180,000 customers who have swiped their card through Bindo’s system in New York City. According to the firm internal data, merchants can see increases in sales as much as 30 percent by using the Bindo platform.
Bindo isn’t along its marketplace and face competition from companies like Square and ShopKeep.
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