announces US$1M Series A Financing Round from German TENGELMANN ventures, 500 Startups and Asia Venture Group

• Will make use of financing for continued growth in SEA and India,  ccelerated product innovation and expansion into Africa and Brazil
• is showing great traction with clients such as Lenskart in India,, 8Share and myiMart in Malaysia or Pricearea in Indonesia
• Great adaptation and use of reviews from the consumer and further education planned

trustedcompany announced today that it has secured US$1M for its Series A financing round, in order to continue its growth on the way to become the review authority in emerging markets in SEA and India. The company aims to bridge the trust gap between online companies and consumers in emerging markets and starts to expand into Africa and Brazil.

This round, led by German TENGELMANN ventures and co-invested by 500 Startups and Asia Venture Group (AVG), comes ten months after the initial seed investment from AVG. Over the first half of the year has grown to 20 employees located in Hong Kong and Malaysia. “Building on this momentum, we will use the financing to continue expanding our presence as review platform in SEA and India, accelerate product innovation, grow sales and marketing resources across the region and start into Africa and Brazil”, says Co-Founder and Managing Director Frederik Krass.

“We have seen great adaptation to write and use reviews in the markets, but will further increase our efforts in educating consumers about the power of online reviews” , Knuth, Co-Founder and MD, adds. aims to become the leading consumer review platform for online consumers in emerging markets. “We want to increase the transparency in the market and help consumers differentiate between the good merchants and the bad merchants. This also helps good merchant to differentiate themselves and is a powerful word-of-mouth marketing tool, increasing revenues for online businesses” states Knuth.
The financing round builds on an exceptional development for which saw great traction in terms of usage and sales with clients such as Lenskart in India, or myiMart in Malaysia, Pricearea in Indonesia or Printi and HTS Latarias in Brazil. “Amazon, Trip Advisor, Agoda, eBay, Yelp… Some of the most prevalent internet companies of our time were built on providing reviews to online shoppers. does this for the rest of the internet. There’s nothing more exciting than seeing a team this capable go after a market opportunity this huge”, said Khailee Ng from 500 Startups.

“Having the support of TENGELMANN ventures will help us execute our vision even more rapidly and globally and with the local experience, perspective and relationships of 500 Startups, we will be able to further grow our local trust in SEA” mentions Krass.

About ( is an open review community that helps emerging markers consumers identify trustworthy and reliable online merchants. The Hong Kong and Malaysia-based
company offers online merchants a comprehensive SaaS toolset to make more money and increase Marketing ROI by displaying authentic and third-party validated customer reviews. It was founded in September 2013 by German co-founders Frederik Krass, Philip Knuth and Malaysian Adam Leow Kah Thong with the support of Asia Venture Group.
About Asia Venture Group
Asia Venture Group Sdn. Bhd. ( is a hands-on, private internet holding company that focuses on long-term value creation in South East Asian online markets. It was founded by German
serial entrepreneur Tim Marbach beginning of 2013 and operates across South East Asia with headquarters in Kuala Lumpur, Malaysia.
About TENGELMANN ventures
Since late 2009 Tengelmann-Ventures GmbH, a 100% subsidiary of the Tengelmann Group, has acquired shares in young, dynamic companies under the motto “Funding your ideas”. Today, the company is already
among the most important start-up companies in Germany. The focus of these investments is on ecommerce and social commerce concepts, market places, as well as on internet and web 2.0 technologies.
Moreover, Tengelmann-Ventures GmbH not only offers financing expertise for start-ups, but also and management know-how and a useful infrastructure.

About 500 Startups
500 Startups is an early-stage seed fund and incubator program located in Mountain View, CA. They invest primarily in consumer & SMB internet startups, and related web infrastructure services. Their initial investment size is typically $25K-$250K. Selected areas of interest include financial services & e-commerce, search/social/mobile platforms, personal & business productivity, education & language, family & healthcare and web infrastructure.


Recently Published

In the fast-paced world of cryptocurrency, vast sums of money can be made or lost in the blink of an eye. In early November 2022, the second-largest cryptocurrency exchange, FTX, was valued at more than US$30 billion. By Nov. 14, FTX was in bankruptcy proceedings along with more than 100 companies connected to it. D. Brian Blank and Brandy Hadley are […]
Key Takeaways: The phenomenon of some fireflies’ flash synchrony has puzzled scientists for over a century. The phenomenon piqued the curiosity of many, including mathematicians Daniel Abrams and Steven Strogatz, who named it “chimera” In Greek mythology, the Chimera was a hybrid monster made of parts of incongruous animals – so a fitting name for […]

Top Picks

Key Takeaways: Albert Einstein’s theory of general relativity has been remarkably successful in describing the gravity of stars and planets. However, gaps in our understanding start to appear when we try to apply it to extremely small distances, where the laws of quantum mechanics operate. A new study, published in Nature Astronomy, has now tested […]
Key Takeaways: Digital money is a form of currency that uses computer networks to make payments. It is not the digital nature of cryptocurrencies that differentiate them from digital money, but how they ensure the ownership of digital property that mark them as transformational. The Counter Currency Laboratory, a new initiative based in the Department […]
Key Takeaways: For many people, Buddhism appears to be uniquely compatible with modern lifestyles and world views. Buddhist mindfulness has influenced many schools of contemporary psychology. Buddhist philosophy embraces constant change and the inherent impermanence of all things. The 19th century Burmese monk Ledi Sayadawtravelled the nation teaching meditation and founding study groups. The forms […]


I highly recommend reading the McKinsey Global Institute’s new report, “Reskilling China: Transforming The World’s Largest Workforce Into Lifelong Learners”, which focuses on the country’s biggest employment challenge, re-training its workforce and the adoption of practices such as lifelong learning to address the growing digital transformation of its productive fabric. How to transform the country […]

Join our Newsletter

Get our monthly recap with the latest news, articles and resources.

Latest Titles


Welcome to Empirics

We are glad you have decided to join our mission of gathering the collective knowledge of Asia!
Join Empirics