SINGAPORE: The company behind the fully automated flatbread making machine, Rotimatic, announced on Tuesday (Apr 17) it has raised US$30 million (S$39.3 million) in a funding round led by Credence Partners and EDBI, the investment arm of Singapore's Economic Development Board.
Zimplistic said the investment from both parties is "another strong endorsement" of the company and its flagship product. Currently, it has more than 30,000 customers who have made more than 15 million flatbreads, according to the press release.
With the injection in funds, Zimplistic said it will be directed towards converting the 25 per cent of the world's population that eats flatbreads into users of its robot.
"Flatbreads have to be eaten fresh and making them at home is tedious and requires skill. With people leading busy lifestyles, they have been forced to resort to frozen, unhealthy alternatives, or by replacing flatbreads with other forms of carbs," the company said.
"Rotimatic is the disruptive solution to this unaddressed problem," it touted.
Zimplistic CEO and co-founder Rishi Israni said the latest fundraising for its machine "signals the coming of age of this invention", which was eight years in the making.
He added that with support from existing investors such as Robert Bosch Venture Capital and NSI Ventures, together with Credence and EDBI, the company is "poised to take the kitchen industry by storm".
The invented-in-Singapore Rotimatic gained mainstream awareness after it earned a mention by Prime Minister Lee Hsien Loong in his 2016 National Day Rally speech. He had cited it as an example of what has been successfully incubated at the start-up hub Block 71, located at Ayer Rajah Crescent.