1337 Ventures receives equity crowdfunding license
By Digital News Asia May 21, 2019
- 1337 Ventures’ platform, Leet Capital, will be launched to the public in Q419
- Aims to utilise accelerator programme, Alpha Startups, to create quality startups
1337 Ventures announced that it is one of the three new recipients of the Equity Crowdfunding (ECF) license by the Securities Commission. The official announcement took place on May 17.
As one of the newly-recognised market operators, together with MyStartr, a Chinese-oriented crowdfunding platform, and Ethis Ventures, a Syariah-compliant focused platform, 1337 Ventures will be launching their platform, Leet Capital, to the public in Q4 of this year.
Bikesh Lakhmichand, founding partner of 1337 Ventures said, “We aren’t going out of our purview by joining the equity crowdfunding (Leet Capital) scene; it’s a natural progression for us. It fits into the funnel we’ve been crafting and have planned since we first started 1337 Ventures as Malaysia’s first tech accelerator.
“From our track record, many angel investors, together with our corporate partners/clients, were keen to invest with us, and that started the ball rolling. We believe that we’ll stand out from the rest by leveraging off our track record and our accelerator programme, Alpha Startups, and also by providing the correct base and clear continuation to each startups, increasing the success rate of each startups offered to the public.”
From past observation and research, most operators agree that there are three challenges they face: lack of quality startups, lack of investors, and bad public perception. 1337 Ventures, through its years of operation, has a different take to solve these problems.
To solve the lack of quality startups in Malaysia, 1337 Ventures will create quality startups. Through it’s Alpha Startups programme, a one-week intensive pre-accelerator, 1337 Ventures have churned out many startups in the region, such as Funding Societies, Coins.ph, and AnyPay.
Among its many initiatives this year to democratise resources to assist startups in achieving greater heights, 1337 Ventures has developed Leet Academy, a fully-digitised version of its Pre-Accelerator programme. This programme doesn’t just function as a learning resource for startups, but also as a funnel to ensure that investors only gets the crème de la crème.
As the first accelerator in Malaysia, Alpha Startups have graduated startups all over Southeast Asia. Some notable graduates are Funding Societies, who raised S$10 million from Sequoia Capital in under 12 months after completing Maybank Fintech (Alpha Startups) and is one of the top performing P2P lending platforms in Malaysia.
Most recently, Alpha Startups alumni, AnyPay, was acquired by Revenue Group Bhd. Others include Coins.ph, which was recently acquired by GoJek for US$72 million, and MaidEasy, that raised an undisclosed seven-digit amount from Axiata 12 months after Alpha Startups.
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