BidNow raises US$2.2 million in Malaysia’s first Token Crowdfunding campaign

• Fundraise enables BidNow's expansion into Singapore 
• Achievement reflects growing confidence in token-based fundraising

pitchIN’s and Malaysia’s first Token Crowdfunding (TCF) campaign has surpassed its minimum target of US$1.1 million (RM5 million), reaching US$2.2 million (RM10 million) with 469 investors. This marks the first successful public TCF campaign under the Initial Exchange Offering (IEO) guidelines issued by the Securities Commission (SC).

This campaign was run by BidNow via pitchIN, a Registered Market Operator with the SC. BidNow is an auction platform based in Malaysia that allows its users to auction and bid on various products like home appliances, gadgets, luxury items and real estate. Since 2019, the company claims that over 20,000 active users and more than 8,000 real estate brokers have signed up.

Frankie Goh, CEO of BidNow, stated, “We are honoured to be the first successful public TCF campaign in Malaysia, surpassing our minimum target and reaching US$2.2 million (RM10 million). This achievement is a testament to the trust and confidence our investors have placed in us.”

[RM1 = US$0.218]

“We chose TCF because we believe in the transformative power of blockchain technology, and this marks a significant milestone in our journey. With this support, we're expanding our operations into Singapore and will integrate blockchain into our platform to enhance efficiency, transparency, and security,” he added.

pitchIN is a digital fundraising and investment hub registered with the Securities Commission Malaysia to operate both Equity Crowdfunding (ECF) and TCF platforms.

Nicholas Chong, pitchIN’s Head of TCF, said, “BidNow’s success in raising RM10 million from TCF within eight weeks signals demand and opportunities for regulated token offerings in Malaysia. As one of the few fully regulated token launchpads in the world, pitchIN is well-positioned to bridge traditional investors and companies into Web3 investment and fundraising.”

He added that for investors who missed the first TCF deal, the company has two to three exciting deals in the pipeline, which it expects to launch this year after they are reviewed by the SC.

Sam Shafie, CEO of pitchIN, adds, “We hope that BidNow’s success will pave the way for others to follow suit. With the first campaign under our belt, we’re confident of assisting other companies that would like to consider TCF as a viable option for their fundraising to fuel growth for their companies.”

This achievement not only sets a new benchmark for the crowdfunding industry in Malaysia but also reflects the growing confidence in token-based fundraising models. It is a testament to the market's readiness to embrace innovative financial technologies. pitchIN believes that as more businesses explore blockchain and tokenisation, the landscape of capital raising will continue to evolve, offering diversified opportunities for both investors and entrepreneurs.

For more information, please visit pitchin.my/token