MyStartr Launched ECF Campaign On Alta
By Digital News Asia December 15, 2022
- The campaign has surpassed its minimum fundraising target
- MyStartr has helped 59 companies since becoming an ECF platform
Alta —previously known as Fundnel — has announced an equity crowdfunding round with MyStartr, an equity crowdfunding platform in Malaysia.
First established as a reward-based crowdfunding platform in 2012. MyStartr was then awarded a license to become an equity crowdfunding (ECF) platform by the Security Commission in 2019.
The company claimed that it became the second largest ECF platform in less than 24 months' time with 22% of the market share and is Malaysia’s leading ECF platform in the Chinese-speaking market.
According to MyStartr, in the three years since became an ECF platform, it has successfully helped over 59 startups ranging from small to medium-sized companies with a variety of backgrounds and raised US$22.6 million (RM100 million). Currently, the platform has over 5,400 investors in its network.
In the next five years, the company aims to help at least 3000 more entrepreneurs succeed.
In addition to raising capital for startups as an ECF platform, MyStartr also aims to create awareness and educate retail investors on equity crowdfunding.
Recently MyStartr worked with Astro to launch The Sandbox, a Mandarin-speaking crowd-funding themed reality television series that is set to air in the first quarter of 2023, to promote ECF.
“With funds raised from the ECF round, we will accelerate the advancement of our next-generation ECF platform, which will better help issuers raise capital and provide well-analysed opportunities for investors. The funds raised will also go to expanding our mentorship program to help companies level up skills in scaling their business, as well as also improving public awareness of ECF,” said MyStartr founder and CEO, Goh Boon Peng.
The campaign website added that the company will venture into the secondary market by offering investors to trade shares before IPO and provide accelerator service.
To date, MyStartr’s campaign has surpassed its minimum fundraising target of US$452,000 (RM2 million) and will close on 23 December 2022. The campaign’s total fundraising goal is US$1.4 million (RM6 million).
[Update: At the campaign's close MyStart raised US$1.05 million (RM4.7 million) through 431 investors.]
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