Zimplistic recently announced that it has made a US$20 million revenue in its first year of sales
The Rotimatic machine
Singapore-based kitchen robotics startup Zimplistic today announced that it has raised a US$30 million Series C funding round led by Credence Partners and EDBI.
Zimplistic is known as the producer of Rotimatic, a robotics device that is meant to ease the process of flatbread-making.
Having expanded into five new markets (the UK, Australia, New Zealand, the Middle East, and Canada), the startup plans to use the new funding to convert “25 per cent of the world’s population that eats flatbreads” into Rotimatic users.
In a press statement, Zimplistic CEO and Co-Founder Rishi Israni dubbed the investment as a signal of “the coming of age” for the company’s invention.
“With support from our existing investors such as Robert Bosch Venture Capital and NSI Ventures and with new partners such as Credence and EDBI, we are poised to take the kitchen industry by storm,” he said.
“To date, we have more than 30,000 customers who have made more than 15 million flatbreads and are using Rotimatic on a daily basis. It has changed their lives and we believe that kitchen robotics will continue to transform our health in more ways than we can imagine in the future,” he added.
Prior to this funding round, Zimplistic raised a US$11.5 million Series B round in July 2015.
The startup recently announced that it has made US$20 million revenue in its first year of sales.
The Rotimatic device was built with the goal to provide a healthy, more practical way to make flatbreads. Flatbread-making has always been known to be a time-consuming process, and users have been resorting to eating frozen flatbreads or even replacing it with other source of carbohydrate.
Zimplistic took eight years to develop the products and it already has 37 patents.
Investors Credence Partners is a Southeast Asian private equity fund led by Koh Boon Hwee, who specialises in investments in manufacturing, logistics, information-communication technology, mobile devices, services companies, and consumer sectors.
As for EDBI, the firm aims to “helping shape the future industries of Singapore” in sectors such as ICT, emerging technology, and healthcare.
Image Credit: Zimplistic
The post Zimplistic, the company behind flatbread-making robot Rotimatic, raises US$30M in Series C funding round appeared first on e27.