After helping 101 companies, pitchIN now raises funds for itself via Leet Capital ECF
By Digital News Asia April 15, 2021
- Raise US$726k to US$1.2mil plus another US$1.2mil from institutional investor
- Applied for a license to operate Initial Exchange Offering platform, for digital tokens
PitchIN will launch an equity crowdfunding campaign of its own on 19 April 2021 to raise funds for business expansion and new business units. The company seeks to raise between US$726,000 and US$1.2 million (RM3 million and RM5 million) from investors. This will be pitchIN’s first ever fundraising exercise since its launch in 2012, when it operated a rewards crowdfunding platform. Separately, pitchIN will raise RM5million from an institutional investor.
[RM1 = US$0.241]
Sam Shafie, cofounder and CEO of pitchIN explains, “Since we started, pitchIN has been self-funded. And during that time, we have become Malaysia’s leading equity crowdfunding (ECF) platform. We are now raising between RM3 million to RM5 million through equity crowdfunding, in addition to a RM5 million investment by an institutional investor. This fundraising will be used to grow our team, offer an integrated platform, introduce new products and to magnify our brand. We hope to be the one-stop platform for companies to raise their funding through the products that we offer and for investors to invest in the best founders and companies in Malaysia.”
PitchIN has grown by leaps and bounds since it launched in 2016 as one of the initial ECF platforms approved by Securities Commission, Malaysia. Kashminder Singh, cofounder and chief strategy officer of pitchIN says that the time is right for fundraising. “From a little known funding option five years ago, ECF has become the fundraising tool of choice for SMEs and startups. PitchIN is at the forefront of this ECF wave. To date, we have run 101 successful ECF campaigns and raised more than RM140 million. The number of companies who are seeking capital continues to grow. We want to expand our operations to serve more businesses and investors as well as offer new services. PitchIN will open a secondary market for its ECF platform later this year. It has also applied for a license to operate an IEO platform.”
The pitchIN ECF campaign will be held on the Leet Capital ECF platform as current rules relating to fundraising on ECF in Malaysia preclude pitchIN from raising on its own platform.
The minimum investment in pitchIN is RM 4,500 for 1 lot of 10 shares. The company is also offering incentives to investors who commit early. From 14 April 2021 to 3 May 2021, pitchIN will be offering bonus shares to investors. For investments between 1 lot to 9 lots, 10% bonus shares will be issued. Investors who take up between 10 lots to 25 lots will receive 15% bonus shares. For any investment above 25 lots, 20% bonus shares will be issued.
Sam adds, “Over the years, many people have asked if they could invest in pitchIN. The opportunity is now available. We think we’re a good company to invest in. We are the market leader. PitchIN is a fintech and the market opportunity is huge. There are over 900,000 SMEs in Malaysia alone. What we have done to date is just the beginning. PitchIN has lots of potential to unlock.”
The investment offer and details about the pitchIN fundraising campaign can be viewed at http://bit.ly/pitchIN-ECF.