This startup took only 38 minutes to achieve its US$720K crowdfunding target | Digital Asia
digital asia News Update
Malaysia-based Fundaztic, an online marketplace for P2P financing, has raised RM3 million (approximately US$720,000) within 38 minute of the launch of the crowdfunding campaign on pitchIN.
As many as 64 investors invested in the round.
“When we planned this fundraising round, we felt that our Elite Club members, who are the strongest supporters of our P2P financing deals, should be given opportunities to invest in Fundaztic. The best platform to do this was through ECF and we naturally turned to pitchIN,” Fundaztic CEO Kristine Ng said.
The company had earlier said in a press statement that the money would be used to grow Fundaztic's team in order to increase penetration in the SME markets, while maintaining the quality of notes raised. A portion of the funds would also go into developing its own secondary market to allow for investors to trade notes before its maturity to enable them to cash out earlier if needed.
“This deal marks the very first time that two crowdfunding platforms that are regulated as Recognised Market Operators (RMO) by Securities Commission (SC) came together in a fundraising alliance. This has boosted the awareness, trust and acceptance in the industry,” pitchIN CEO Sam Shafie said.
Also Read: Grab CEO courier stunt is disheartening
Owned and operated by Peoplender Sdn Bhd (a Securities Commission-licenced company), Fundaztic aims to leverage technology to enhance access to both financing and investment for businesses and individuals with low entry barriers. The platform enables issuers to access easy financing through a simple online application process, while investors are able to provide funds to multiple Investment Notes in exchange for attractive returns of investments.
In June this year, Fundaztic entered into a collaborative agreement with OCBC Bank to enhance access to financing for micro, small and new businesses.
Launched in 2012, pitchIN is a registered ECF operator. To date, it has successfully funded 22 deals, including SalesCandy, MyCash Online, and Babydash. pitchIN has raised over RM24 million to date and enabled more than one thousand investors to take equity in fast growing Malaysian companies.
pitchIN also operates a rewards equity crowdfunding platform and has championed crowdfunding in Malaysia since 2012.
The post This startup took only 38 minutes to achieve its US$720K crowdfunding target appeared first on Tech News.