[Visit] One-year valuation of 40 million local start-up imBee: the outbreak stimulates SaaS demand

Financial News

Author: Ou Jiajun

2020-06-22 06:00

The local startup imBee, which develops and manages instant messaging tools, was established in 2019. It took only one year to complete the seed financing of US$500,000 at the beginning of this year. The company’s valuation reached US$5 million (about HK$39 million), and the number of employees is only 10 people. ImBee co-founder Huang Qihuan (Ivan) was interviewed by "Hong Kong 01" to share the origin of entrepreneurship and the plan after financing.

Many merchants will use Whatsapp, WeChat or other instant messaging tools for customer service and sales, but once they encounter a large number of customers, or require multiple people to manage the same Whatsapp number or communication account, difficulties arise.

Through imBee's system, the same Whatsapp number can be logged in on multiple devices at the same time, providing automatic reply function, and even supports sending order confirmation and notification on Whatsapp. In addition, imBee will also tailor-made SaaS (software as a service) products for different industries to provide already-provided software services with cloud applications.

In June this year, in the "Entrepreneur Express" competition organized by the TDC, imBee stood out among more than 100 Startups and became one of the 11 winners. It is undoubtedly a new star in the local startup world.

Local SaaS startup imBee completed seed financing of US$500,000 at the beginning of the year, and the company's valuation reached US$5 million. (Photo by Zheng Zifeng)

Logistics laundry company experience helps imBee grow rapidly

Huang Qihuan (Ivan), 38-year-old co-founder of imBee, said in an interview that the idea of ​​creating imBee originated from the establishment of a logistics laundry company in the early years. At that time, he also had to solve the problem of Whatsapp dealing with customer service, so he found the technology of the current company. Director, made the prototype of the product.

He said that during the operation of the laundry company, the accumulated experience and network of people also deepened the understanding of the pain points of the industry, so that imBee does not have to start from zero to one. When it comes to entrepreneurial experience, he said that listening is the most important thing. Through communication with customers, he understands the pain. "Everyone starts a business and solves the needs of customers." He said bluntly, "help a customer win, and have the chance to win first."

Huang Qihuan, co-founder of imBee, said that during the operation of a laundry company, he saved his experience and network, so that imBee does not have to start from zero to one. (Photo by Zheng Zifeng)

Refinancing is planned to expand overseas markets before the end of the year

Before imBee was established, its system has been favored by Ztore, becoming the company's first major customer. After being introduced by friends, it successfully contacted big companies such as SmarTone (0315) and Ping An (2318). Business Development Director Liang Weicong said that meeting the technical requirements and procedures of major customers, SMEs are more confident in the company's technical level.

For the future strategy, Liang Weicong said that the company will specialize in the financial industry, medical beauty and shopping malls in Hong Kong to provide industry solutions; and the overseas side has also begun to lay out, facing Southeast Asia, and revealed that it plans to refinance before the end of the year, set up offices in Singapore and Taiwan, recruit Local talent.

Liang Weicong, director of business development at imBee, said the company’s SaaS products will specialize in industries such as finance, medical aesthetics, and shopping malls. (Photo by Zheng Zifeng)

"Omnichannel" is the future trend

Liang Weicong said that at the beginning of the year, the company completed a US$500,000 financing, and 80% of the funds will be used for research and development to seize the opportunities of 5G and the Internet of Things. For example, through the Whatsapp interface of the mobile phone, it can already control smart door locks, home appliances, kitchenware, etc., or know the temperature and temperature in the home. Humidity without the need for other apps. Huang Qihuan pointed out that the concept of omni-channel platforms or apps and omnichannels will be the future trend.

The epidemic is raging all over the world, and it also affects the company's progress in expanding overseas customers. Huang Qihuan pointed out that there are shortcomings in reaching customers through video conferences. Because people communicate not only by words, some customers also like to sign orders outside the office or at times. But he believes that the epidemic will accelerate customer demand for SaaS products.

Liang Weicong said that 95% of the company's customers are from the local market, and sales have not been affected by the epidemic. Instead, they have received more inquiries. "There have been 400 to 500 inquiries in the first half of the year. Many people want to know how to use a Whatsapp number at the same time."

The epidemic needs to maintain social distance, and economic activity is also greatly reduced, but imBee believes that it will catalyze customer demand for SaaS products. (Photo by Zhang Haowei)

【Fund Visit】Chinese stocks return to Hong Kong for long-term benefit without worrying about Sino-US wrestling due to "capital for profit"

[Fund Visit] Ruixing Forge a Trust Crisis Xingjian CEO: Stock Selection Considers ESG Indispensable

[Interview] Unlimited QE is difficult to offset the impact of the epidemic. Anjie Liu Yihe: HSI is difficult to return to the high of 30,000 points

Kang Fang Bio's hot listing An Jie Song Mu explained how to value and don't miss investing in biotechnology

The epidemic changes consumer behavior, health management, Cai Yasong: China Science and Technology stocks "dream"

Startup economic people visit WhatsApp