Fundaztic’s US$3.5 million second ECF on pitchIN oversubscribed
By Digital News Asia December 1, 2022
- Raised US$3.7 mil from 51 investors
- It raised $2.2 million in its first campaign on pitchIN
pitchIN has announced that the equity crowdfunding (ECF) campaign of Peoplender Sdn Bhd, Fundaztic’s corporate entity, has raised more than US$3.5 million (RM16 million) on its platform, making it one of the largest ECF rounds in Malaysia.
In a statement, the equity crowdfunding platform said this ECF campaign was oversubscribed in less than two weeks.
It said the campaign raised US$3.7 million (RM16,641,600) from 51 investors and the largest single investment was US$1.3 million (RM6 million).
[RM1 = US$0.222]
According to pitchIN, this successful ECF campaign was a mark of confidence from its previous investors as a significant number of its previous corporate and individual investors increased their investments into the company.
In October 2018, it said Fundaztic’s first ECF campaign had raised a total of RM10 million through a RM3 million ECF campaign and RM7 million private placement.
Peoplender’s founder and chairman Jeffrey Chew (pic, above) said the firm returned to pitchIN for the second round as it enabled it to reach out to a full range of corporate, high net worth, angel and retail investors.
pitchIN’s chief executive officer, Sam Shafie, said in 2018, the Fundaztic campaign drew very strong interest.
“It’s RM3 million ECF portion was fully taken up in 37 minutes during the last time around.
“Since then, we have seen the company expand to Singapore and were extremely confident that investors would support its second ECF campaign,” he said.
pitchIN said this is the second largest campaign of over RM15 million that it has completed this year, confirming its status as the ECF platform of choice for fast growing well known Malaysian companies.
To date, the company claimed it has funded 151 companies and raised over RM275 million, making equity crowdfunding the most viable funding avenue for Malaysian SMEs today.
Related Stories :