Fundaztic raises US$720,490 in 38 minutes on pitchIN
By Digital News Asia October 24, 2018
- Sixty-four investors put in the maximum allowed RM3 million on Oct 17, 2018
- First time two regulated crowdfunding platforms came together in a fundraising alliance
PEOPLENDER, the operator of the Fundaztic P2P Financing platform, has become the fastest ever funded equity crowdfunding deal in Malaysia. The company raised RM3 million (US$720,490) in just 38 minutes on Malaysia ECF platform pitchIN.
Sixty-four investors put in the maximum allowed RM3 million into Peoplender when it went live on Oct 17, 2018. The deal was confirmed fully funded by pitchIN after it completed the mandatory six days cooling off period on Oct 24.
pitchIN CEO Sam Shafie said that this record is another validation that investors like the deals that pitchIN brings on its platform, “Fundaztic is pitchIN’s 22nd successful equity crowdfunding deal and we have maintained our record of 100% successful deals since we launched in May 2016. pitchIN has raised over RM29 million for Malaysian companies to date, making us by far the most successful ECF Operator in Malaysia.”
Sam added, “We knew from its strong pre-live interest that Fundaztic would be successfully funded and we were delighted to see the deal funded in just 38 minutes. Fundaztic is also special to us because it is a fellow Registered Market Operator with the SC, albeit in the P2P Financing sector.
“This deal marks the very first time that two crowdfunding platforms that are regulated as Recognised Market Operators (RMO) by Securities Commission (SC) came together in a fundraising alliance. This has boosted the awareness, trust and acceptance in the industry. We were very pleased that Fundaztic decision to raise a portion of its funds through ECF as it validated the power of equity crowdfunding. We thank them for choosing to raise on pitchIN.”
Fundaztic CEO Kristine Ng said, “We are overwhelmed with joy to see the love investors have shown us. When we planned this fundraising round, we felt that our Elite Club members, who are the strongest supporters of our P2P Financing deals, should be given opportunities to invest in Fundaztic. The best platform to do this was through ECF and we naturally turned to pitchIN.
“We are very satisfied with how everything was put together by pitchIN. We want to thank both pitchIN and the investors who supported us in droves. We are also very pleased to have set an ECF record as well as raised the maximum amount allowed of RM3 million on ECF.”
Sam said, “Equity crowdfunding is playing the role envisaged by the SC when it launched ECF in Malaysia. It has become a very viable fundraising option for fast growing Malaysian companies. pitchIN is lining up more great deals like Fundaztic. Investors looking for great deals to invest in should register on pitchIN and explore our upcoming deals.”