Pi-xcels, a Singapore startup that provides digital receipt solutions for retailers, has announced raising $2.7 million in its latest funding round led by global venture capital firm Headline.
The fresh funding will help the startup accelerate its global expansion, particularly in the US, and strengthen its footprint in Europe, Japan, and Southeast Asia, per the announcement.
The round was also backed by existing investors Wavemaker Partners, Hustle Fund, and various angel investors. New investors Shizen Capital and Seedstars International Ventures also participated.
The latest fundraise comes about 15 months after Pi-xcels raised $1.7 million in its seed funding round, anchored by venture capital investor Wavemaker Partners.
Pi-xcels leverages its appless NFC [near field communication] technology to enable retailers to issue paperless receipts directly to smartphones.
It also simplifies the compilation of e-receipts for official claims with a single sign-on, resulting in clutter-free wallets for end-users. Pi-xcels was part of the 2023 Visa Accelerator Program in Asia Pacific.
The startup said it uses patented technology to allow offline retailers to issue paperless, interactive e-receipts via a single tap of a shopper’s smartphone.
“Pi-xcels is pioneering a global shift in retail tech, transforming what was once a basic transaction into a meaningful touchpoint,” said Headline Asia founding partner Akio Tanaka.
The latest funding round comes as Southeast Asia’s digital economy posted $11 billion in profit this year, nearly trebling from $4 billion in 2022, according to the e-Conomy SEA 2024 report by Google, Temasek, and Bain & Co.
The region’s digital economy is projected to reach $263 billion in gross merchandise value (GMV) in 2024, a 15% year-on-year increase, while revenue is expected to hit $89 billion after growing 14% this year.
Equity fundraising by startups in Southeast Asia also rose 18% month-on-month in October but it remained below the psychologically important $1 billion threshold, as the absence of megadeals continued to suppress total capital raised.
Startups across the region secured around $272 million from 44 equity funding transactions in October, up 18% from $230 million raised in September through 31 deals, according to data compiled by DealStreetAsia.
