EDBI and Credence Partners co-led the Robert Bosch-backed flatbread appliance maker's series C round as it expands into new markets.
Zimplistic, the Singapore-based kitchen appliance developer backed by industrial equipment and appliance maker Robert Bosch, has received $30m in series C funding, Business Insider Singapore reported this week.
Private equity firm Credence Partners co-led the round with EDBI, the investment arm of the Singaporean government’s Economic Development Board, investing together with unnamed existing backers.
Zimplistic is the creator of Rotimatic, an internet-connected appliance that makes flatbreads such as rotis, pizzas or tortillas using flour, oil and water. The funding was announced alongside news it generated $20m in revenue in 2017.
The company has also expanded from its core markets of Singapore and the US to the UK, Australia, New Zealand, Canada and the Middle East.
Robert Bosch’s corporate venturing unit, Robert Bosch Venture Capital, joined NSI Ventures, the venture capital arm of private equity firm Northstar, to provide $11.5m in series B funding for Zimplistic in 2015.
NSI had previously supplied more than $1m in funding for the company in 2015, after it had received seed capital from DGG Group, VIR Private Investors, Spring Singapore, NUS Enterprise and angel investor Deepak Gurnani, according to DealStreetAsia.
Rishi Israni, Zimplistic’s co-founder and CEO, 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.
“We will work closely with all stakeholders to nurture this innovative home-grown company in its development of kitchen automation robots with machine learning and IoT [internet of things] capabilities.”
•A version of this article originally appeared on Global Corporate Venturing.