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Malaysian golfing platform tees up SEA expansion plans with $2m raise

POSTED ON June 12, 2024 @ 9:37 am

The popularity of recreational golfing has been rising in Asia recently. Even amid the pandemic in 2020, research from Sports Marketing Surveys showed that 23.3 million people across the region played golf that year, rising from 20.9 million in 2016.

Of the Southeast Asian countries, Malaysia grew the largest – the number of golfers was up 25% within the timeline. This increased popularity primes startups like Malaysia-based Deemples for growth.

(From left) CEO David Wong and CTO Ahmad Daleen of Deemples / Photo credit: Deemples

Founded in 2016, Deemples helps golfers plan games using features tailored specifically for them. Its platform creates a network of golfers and promotes frequent play, which also helps golf courses attract more players and increase revenue.

To help it grow further, the company recently raised US$2 million in funding from Singapore-based venture capital firm V Ventures.

Since Deemples’ last fundraise in 2020, the number of active golfers on its platform has jumped by 200%. The number of golfers in Malaysia’s golf community itself has doubled since 2023, the company observed.

This funding will help Deemples expand its presence in Southeast Asia, its CEO and founder David Wong said without elaborating on which markets it would be targeting.

“We will use the funds to build a scalable best-in-class product, with a keen focus on relentless innovation, formula for product market fit, and to ultimately expand into untapped markets,” added Ahmad Daleen, CTO of Deemples, in a statement.

The Malaysian tech scene has been experiencing growth in the past few years, accompanied by significant investments from global tech companies into the country. Google, for instance, has invested US$2 billion for a data center, and Apple opened its first Apple Store this month.

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