Singapore-based energy efficiency solutions provider TablePointer has announced raising $3 million (about $2.3 million) in an oversubscribed seed funding round to further expand its platform.
The funding round was co-anchored by early-stage venture capital firm Wavemaker Partners, agrifood tech investor AgFunder, French energy company ENGIE, and PropertyGuru co-founder and TablePointer chairman Steve Melhuish.
TablePointer, an energy-efficiency-as-a-service platform, provides IoT and A1 plug-and-play energy efficiency technology, especially for the food and beverage industry, at no upfront costs, per the announcement. It also manages the implementation, monitoring, and maintenance of such technology.
This has led to fast adoption by both small independent outlets, as well as some of the largest most recognizable F&B chain brands, Melhuish, who is also founding partner at Wavemaker Impact, said.
The fresh funding will be used to expand TablePointer’s technology platform as well as add new features, and product modules, and enter other fast-growing markets in the regon, according to startup’s CEO Jason Tang.
Last year, Wavemaker Partners closed its fourth fund at $136 million as it looks to shore up investments in enterprise, deep tech, and sustainability startups in Southeast Asia. It also launched Wavemaker Impact, a climate-tech venture builder in Southeast Asia, in 2021.
AgFunder, one of the lead investors in the round, said TablePointer has a first-mover advantage in the highly fragmented $20 billion Asian energy efficiency market.
Their easy-to-deploy technology stack and scalable Saas model not only makes them a compelling partner for enterprises everywhere seeking to achieve energy savings and efficiency but also a perfect addition to our AgFunder SIJ Impact Fund portfolio, said Angela Tay, Senior Investment Associate, AgFunder Asia.
Energy efficiency solutions are gaining adoption as businesses look for ways to reduce their energy costs and carbon footprint without incurring significant upfront capital costs. The International Energy Agency earlier said that energy demand in Southeast Asia has been growing by around 3% per year as most of the economies in the region have doubled in size over the past two decades.