Everpeaks set to raise further funds via pitchIN
By Digital News Asia June 11, 2020
- Set to raise a further US$376k to strengthen operations
- 40% of the investment portion allocated to marketing efforts
Malaysia-based omni-channel e-commerce solutions provider Everpeaks today announced that it is set to raise further funds via equity crowdfunding (ECF) platform pitchIN. The startup, which was founded in 2016, is set to raise US$376,000 (RM1.6 million).
The ECF campaign is currently on at the pre-live stage on pitchIN while the company is in talks with interested investors. Everpeaks, which is officially an approved Angel Tax Incentive certified company, says in a press release that it is bullish about the prospect of this particular journey.
“We are looking to fund raise to strengthen the company’s operations. We are already almost breaking even at this point with an average growth rate of 76% year-on-year and any investment will be used for business expansion,” says Everpeaks founder and chief executive officer Joachim Sebastian.
The company is set to spread its wings over the Southeast Asian market. It already has strong partnership with global players in the e-commerce industry – they’re the only Southeast Asian Amazon Service Partner Network Member, as well as the only Malaysian eBay Channel Partner and the Malaysian Community Partner for Payoneer.
Sebastian states that 40% of the investment portion is allocated towards building a marketing effort with plans to be present in exhibitions around the world, in their bid to expand by securing clients and establishing their brand across the region.
It is also in their scheduled plans to allocate an additional 30% of funds to develop and refine their technology solution, with 20% to be allocated towards building the manpower strength.
Prior to this, Everpeaks had received a US$70,500 (RM300,000) grant in 2018 from Cradle Fund’s CIP300 grant (the company states that it has successfully achieved program deliverables). It is also part of the Structured Coaching Program (SCP) conducted by Proficeo for Cradle Fund, as part of the CIP300 grant recipient program.
Everpeaks has also secured RM1 million in funding from a lead angel investor ahead of the targeted 15 June 2020 date of being live on the pitchIN platform. This investment will be spread over 2 tranches - June 2020 and February 2021. Everpeaks have had no outside investment prior to this round besides the Cradle grant.
[RM1 = US$0.23]
Everpeaks is an end-to-end e-commerce managed services provider and technology platform, which combines e-commerce expertise with a duty free global distribution hub that integrates to the e-commerce platforms of the world. In 2019, the platform has generated RM8 million in export revenue for their clients.