FIXZY, a Thai startup that provides handymen as an on-demand service, has successfully raised a second round of funding from three High Net Worth investors in Thailand. The round is led a prominent leader in the Thai Chamber of Commerce. Although the amount is undisclosed, the seed round gives the application three times (3x) the value from the time of its initial investment done by Iyara VC.

FIXZY, one of IYARA VC’s early investments, raises a second round of funding. This is considered a seed round, after Iyara VC’s incubation investment almost one year ago. This time it has raised a second seed round of around US$300,000 at a valuation of close to US$2 million.

Since it’s launch a year ago, FIXZY has grown substantially and continues to grow 30-35% every month. “We believe that FIXZY can continue grow at least 20 - 30% per month within the next 8 or 10 months”, says CEO Ruchvuth Pichayapan.

According to it’s CEO, although in its early stages, Fixzy already generates income. It has three sources of income, namely: Revenue from pre-paid promotions of services, revenue from membership of handymen, and revenue from transactions. An integral part of Fixzy’s service is to register, screen and cross-check the background and history of the handymen, as well as continuously provide after-sales services to ensure customer satisfaction.

One of IYARA VC’s co-founders, Chatchai Tolertmongkol, comments that “we are glad to see the progress of Fixzy. I admit that Iyara VC has taken its time with selecting its startups, but we believe it is more important to grow each investment successfully. We put substantial efforts within our investees, and want to make sure that they follow the right path. We don’t believe in the “invest and abandon” concept.”

Chatchai adds that “In the recent past, there has been at least two other offers to outright acquire Fixzy, but we were not happy with the valuation. We decided together that it was better to raise a small round first, as there is a lot of room for expansion for Fixzy. Each new investor will also bring their strength to the business and that is why we advised the Fixzy team to go with this path.”

“At the moment there are over 20,000 downloads of the application and it still maintains 20% growth each month in terms of user downloads. FIXZY has 2,500 handymen registered with the platform in Bangkok and surrounding cities. We plan to double the growth of every milestone we have achieved so far, as there is a plan to aggressively expand to the other major provinces in Thailand. The first province outside of Bangkok that we already have presence in is Khonkaen, and the reception there has been phenomenal” says Ruchvuth.